Shutterfly (SFLY) Tops Q3 EPS by 27c, Revenues Miss; Lowers Q4 EPS/Revenue Outlook Below Consensus

Shutterfly (NASDAQ: SFLY) reported Q3 EPS of ($2.12), $0.27 better than the analyst estimate of ($2.39). Revenue for the quarter came in at $373 million versus the consensus estimate of $377.57 million.

“With the closing of the Lifetouch acquisition earlier this year, Shutterfly, Inc. now encompasses a portfolio of large, industry-leading businesses with loyal customers and significant cash flow,” said Christopher North, President and Chief Executive Officer. “Thanks to the Lifetouch acquisition, our non-GAAP net revenues increased 91% year-over-year. We have large opportunities to create shareholder value through organic growth, by realizing key synergies between Lifetouch and Shutterfly, through M&A that leverages our manufacturing and technology platforms, as well as through return of capital.”

“Our results in the third quarter were mixed, with strong performance in Lifetouch and solid results in SBS offset by disappointing performance in Shutterfly Consumer. Coming out of the quarter, we’ve identified clear opportunities to improve the consistency of our results in Shutterfly Consumer. At the same time, we made good progress against key initiatives including a good start to the Lifetouch Fall picture day peak season. Across Shutterfly Consumer, we launched new categories and products, rolled out significant new mobile app features and simplified product creation experiences, and put in place strong preparations for Q4.”

GUIDANCE:

Shutterfly sees Q4 2018 EPS of $5.36, versus the consensus of $5.94. Shutterfly sees Q4 2018 revenue of $970 million, versus the consensus of $980.49 million.

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

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