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Shutterfly, Inc. (SFLY) Tops Revenue Estimates, Acquires Lifetouch

Shutterfly, Inc. (NASDAQ:SFLY) had a big Tuesday as the company reported its quarterly earnings results and announced the acquisition of a photography company.

Shutterfly, Inc. (SFLY)The image publishing service provider reported fourth-quarter earnings of $111.7 million, or $3.37 per share, topping the year-ago profit of $2.63 per share. On an adjusted basis, the company earned $102.8 million, or $3.11 per share, topping the year-ago mark of $2.63 per share.

Shutterfly’s net income excluded the tax reform’s impact that benefited it with an additional $9 million in cash. Analysts were calling for adjusted earnings of $2.88 per share, according to data compiled by FactSet.

Revenue for the fourth quarter came in at $593.8 million, a 6% gain compared tot he year-ago quarter. Analysts polled by FactSet were calling for revenue of $556 million.

On a separate report, Shutterfly announced that it would be acquiring privately-held Lifetouch, an online photography company that specializes in school portraits. The deal will set it back $825 million in cash.

Shutterfly added that the acquisition is estimated to add roughly $935 million to its revenue over the 12 months following the closure of the deal, as well as an additional $100 million in adjusted EBITDA.

“We’re just now bringing the two teams together,”Shutterfly CEO Chris North said in a visit to Eden Prairie Tuesday. “We’re going to bring Shutterfly products to Lifetouch, as well as our cloud-based management system.

The deal is slated to close during the second quarter of fiscal 2018.

SFLY shares soared about 16.8% after the bell.


Article printed from InvestorPlace Media, https://investorplace.com/2018/01/shutterfly-inc-sfly/.

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