This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

IAC Swings to Loss

Updated from 8:12 a.m.

IAC/InterActiveCorp (IACI - Get Report) swung to a fourth-quarter loss on the usual ration of special items. Excluding them, the Internet commerce giant came in well ahead of Wall Street forecasts.

IAC lost $46 million, or 7 cents a share, in the quarter, compared with earnings of $153 million, or 20 cents a share, last year. Sales jumped 9% from a year ago to $1.72 billion.

In the most recent quarter, IAC recorded a $185 million impairment charge related to goodwill at its Teleservices division and a $33 million impairment charge related to intangibles at TV Travel Shop. Together, the items cut aftertax income by 28 cents a share.

IAC said adjusted net income rose 10% from last year to $250 million, or 33 cents a share. On that basis, analysts surveyed by Thomson First Call had been forecasting earnings of 27 cents a share on sales of $1.71 billion.

Shares fell 58 cents to $23.42 early Wednesday.

Among its major segments, revenue rose 11% on a comparable basis from last year to $496.6 million at travel, while it rose 9% to $703.3 million in the quarter at electronic retailing. Ticketing revenue was $188.9 million in the latest quarter, up 3% from a year ago.

IAC said operating income before amortization at its travel division rose 3% from a year ago to $154.2 million, while it rose 34% to $88.5 million at electronic retailing. At ticketing, OIBA rose 11% from a year ago to $38.3 million.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AMZN $375.56 0.00%
EBAY $55.79 0.00%
IACI $70.75 0.00%
TZOO $12.99 0.00%
YHOO $44.45 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs