Shutterfly, Inc. (SFLY) Misses Q3 EPS by 3c, Offers Guidance

Shutterfly, Inc. (NASDAQ: SFLY) reported Q3 EPS of ($1.20), $0.03 worse than the analyst estimate of ($1.17). Revenue for the quarter came in at $142 million versus the consensus estimate of $143.6 million.

Shutterfly, Inc. sees Q4 2014 EPS of $2.35-$2.60, versus the consensus of $2.55. Shutterfly, Inc. sees Q4 2014 revenue of $466.7-481.7 million, versus the consensus of $478.5 million.

Business Outlook

Fourth Quarter 2014:

• Net revenues to range from $466.7 million to $481.7 million, a year-over-year increase of 13.6% to 17.3%.
• GAAP gross profit margin to range from 57.5% to 59.1% of net revenues.
• Non-GAAP gross profit margin to range from 58.2% to 59.9% of net revenues.
• GAAP operating income to range from $113.3 million to $126.2 million.
• Non-GAAP operating income to range from $139.5 million to $151.8 million.
• GAAP effective tax rate to range from 13.9% to 14.6%.
• GAAP net income per share to range from $2.35 to $2.60.
• Weighted average diluted shares of approximately 40.0 million.
• Adjusted EBITDA to range from $158.9 million to $170.8 million.

Full Year 2014:

• Net revenues to range from $905.0 million to $920.0 million, a year-over-year increase of 15.5% to 17.4%.
• GAAP gross profit margin to range from 50.5% to 51.5% of net revenues.
• Non-GAAP gross profit margin to range from 52.1% to 53.1% of net revenues.
• GAAP operating income/(loss) to range from ($0.9) million to $12.0 million.
• Non-GAAP operating income to range from $95.6 million to $108.0 million.
• GAAP effective tax rate to range from 16.5% to 20.0%.
• GAAP net loss per share to range from ($0.36) to ($0.09).
• Weighted average shares of approximately 38.5 million.
• Adjusted EBITDA to range from $161.1 million to $173.0 million, or 17.8% to 18.8% of net revenues.
• Capital expenditures to range from 9.5% to 10.5% of net revenues.

For earnings history and earnings-related data on Shutterfly, Inc. (SFLY) click here.

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