Neutral Tandem 1Q Profit Jumps 80 Percent
CHICAGO (AP) ¿ Neutral Tandem Inc., which provides services that connect phone networks between providers, said Wednesday its third-quarter profit jumped 80 percent, as the company expanded its reach and carried more minutes over its networks.
The company also boosted its outlook for the year, sending shares up $1.61, or 7.4 percent, to $23.44 in midday trading. The stock has ranged from $11.80 to $34.56 over the past year.
Earnings for the quarter rose to $11.1 million, or 32 cents per share, from $6.2 million, or 19 cents per share, in the same period last year.
Revenue increased 44 percent to $44.7 million from $31.2 million.Analysts surveyed by Thomson Reuters had predicted a profit of 31 cents per share and $43.1 million in revenue. Neutral Tandem said billed minutes rose 45 percent from a year ago. The company said it expanded into 10 new markets and continued to grow in areas where it already operated. The company increased its forecast for full-year revenue to $168 million to $170 million, from a previous estimate of $162 million to $168 million. Analysts predict revenue of $167.7 million in 2009.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV