Perion Network (NASDAQ: PERI) reported Q3 EPS of $0.18, $0.11 better than the analyst estimate of $0.07. Revenue for the quarter came in at $65.8 million versus the consensus estimate of $64.33 million.

Third Quarter 2019 Highlights:

• Total Revenues of $65.8 million, increased 15% year-over-year;
• GAAP Net Income of $2.9 million, increased 31% year-over-year;
• GAAP Earnings Per Share of $0.11, increased 38% year-over-year;
• Net cash from operations were $11.1 million, increased 1% year-over-year;
• Management is reaffirming its full-year guidance for Adjusted EBITDA of $25-27 million and now expects to reach or exceed the top end of the range.

Doron Gerstel, Perion’s CEO commented, “The financial results of the third quarter are a direct result of the strategic investments in technology we have made to enhance and align our offering with the needs of our customers. By providing a diverse suite of solutions that span display, search and social, Perion is uniquely positioned to capitalize on opportunities as brands and agencies shift their ad budgets holistically across different platforms and channels to maximize their digital strategy objectives. In doing so, we have achieved our second consecutive quarter of year-over-year revenue growth while leveraging our strong earnings power and robust to generate cash. Our cash position improved significantly during the third quarter amounting to $52 million a Net cash balance of $33 million providing the company with the flexibility for future growth opportunities.”

Gerstel continued, “Leveraging new capabilities and offerings in Search, we are attracting new publishers, driving an increasing number of unique searchers to Bing through our partnership with Microsoft and better optimizing the monetization of this traffic, which is driving higher earnings and cash flow to Perion.”

“In parallel, we are advancing ongoing efforts at Undertone to expand and enhance the technological capabilities of our Synchronized Digital Branding solution,” Gerstel added. “Our Synchronized Digital Branding solution is resonating with our customers because they recognize the need to deliver strategically targeted ads, across the entire consumer journey across multiple channels and platforms. We are offering AI-optimized tools and workflow management to make this possible. Our development efforts to scale this offering are progressing as planned, and we remain on track to formally launch a full, new product suite in the first half of next year.”

2019 Guidance

Management is reaffirming its full-year guidance for Adjusted EBITDA of $25-27 million and now expects to reach or exceed the top end of the range.

For earnings history and earnings-related data on Perion Network (PERI) click here.