"The third quarter posed a greater challenge than we anticipated as the Olympics' impact served to drive lower physical, digital and theatrical viewership across the board," said J. Scott Di Valerio, the company's CFO, in a statement. "Even in a challenging quarter, we continued to focus on day-to-day execution and driving strong margins and earnings, while investing in our business, generating free cash flow, and executing a $59 million buy back of our stock."
For the fourth quarter ending in December, Coinstar forecast core earnings from operations of 62 to 77 cents a share on revenue of $552 million to $602 million. The current average estimate of analysts polled by Thomson Reuters is for earnings of $1.05 a share on revenue of $599.6 million.
The stock was last quoted at $40.18, down more than 7%, on late volume of more than 750,000, according to Nasdaq.com.
Also active in late trades was Apple (AAPL), which slipped after its earnings missed expectations; and VeriSign (VRSN), which sold off sharply despite coming in a penny ahead of consensus view for its third-quarter profit.-- Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron.
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