Cogent (COGT) Prelim. Q3 Revenue Outpaces; FY17 Revenue Midpoint Tops Views

October 18, 2016 9:23 AM EDT
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Cogint, Inc. (Nasdaq: COGT) announced preliminary estimates of financial results for the third quarter ended September 30, 2016. These preliminary estimates of financial results are subject to completion of the Company’s customary quarterly closing and the completion of the interim review procedures by the Company’s independent registered public accounting firm.

The Company estimates revenue for the third quarter of 2016 to be approximately $51 to $52 million, a greater than 24% increase over the second quarter of 2016. Gross profit margins are estimated to be in the range of 24% to 26%.

*** The Street sees Q3 revenue of $47 million.

“These preliminary results reflect continued execution of our business model and demand for our products across our markets,” commented Derek Dubner, CEO of cogint. “While we experienced some seasonal pressure on margins within our marketing business transitioning from Q2 to Q3, we are encouraged by the reversion to our historically higher margins at the beginning of Q4 and expect this trend to continue throughout the quarter.”

As a result of various trends, the Company expects revenue for full year 2016 to be in the range of $183 to $187 million, and revenue for full year 2017 to be in the range of $230 to $235 million.

*** Consensus estimates call for FY16 revenue of $182.6 million and FY17 revenue of $230.4 million.

The Company previously announced that it will report its financial results for the third quarter ended September 30, 2016 after the close of the U.S. financial markets on Thursday, November 3, 2016. The Company will host a conference call on Thursday, November 3, 2016 at 4:30pm ET to discuss its quarterly results and provide a business update.

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