Shutterfly, Inc. (SFLY) Tops Q1 EPS by 5c, Updates Guidance

Shutterfly, Inc. (NASDAQ: SFLY) reported Q1 EPS of ($0.89), $0.05 better than the analyst estimate of ($0.94). Revenue for the quarter came in at $137.1 million versus the consensus estimate of $134.56 million.

Shutterfly, Inc. sees FY2014 revenue of $903-920 million, versus the consensus of $912.03 million.

Shutterfly, Inc. sees Q2 2014 revenue of $154-158 million, versus the consensus of $155.74 million.

Business Outlook

Second Quarter 2014:

Net revenues to range from $154.0 million to $158.0 million, a year-over-year increase of 15.4% to 18.4%.
GAAP gross profit margin to range from 46.0% to 47.0% of net revenues.
Non-GAAP gross profit margin to range from 48.4% to 49.3% of net revenues.
GAAP operating loss to range from ($32.9) million to ($33.2) million.
Non-GAAP operating loss to range from ($8.2) million to ($9.0) million.
GAAP effective tax rate to range from 22.0% to 25.0%.
GAAP net loss per share to range from ($0.72) to ($0.75).
Weighted average shares of approximately 38.5 million.
Adjusted EBITDA to range from $6.0 million to $7.0 million.

Full Year 2014:

Net revenues to range from $903.0 million to $920.0 million, a year-over-year increase of 15.2% to 17.4%.
GAAP gross profit margin to range from 52.0% to 53.0% of net revenues.
Non-GAAP gross profit margin to range from 53.6% to 54.6% of net revenues.
GAAP operating income/(loss) to range from ($0.6) million to $9.2 million.
Non-GAAP operating income to range from $96.7 million to $109.1 million.
GAAP effective tax rate to range from 15% to 23%.
GAAP net loss per share to range from ($0.38) to ($0.15).
Weighted average shares of approximately 38.6 million.
Adjusted EBITDA to range from $160.6 million to $174.8 million, or 17.8% to 19.0% 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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