Monday, March 12, 2012

Velti (Nasdaq: VELT) beats in 4Q, outlook sends shares up

Velti (Nasdaq: VELT) beats in 4Q, outlook sends shares upAustin, TX 3/12/12 (StreetBeat) -- Velti PLC's (Nasdaq: VELT) shares soared Monday after the mobile marketing company reported better-than-expected fourth-quarter results and it issued strong revenue guidance for its first quarter.

The company's net income jumped to $25 million, or 40 cents per share, for the quarter. That's up from $2 million, or 5 cents per share, in the prior year. After adjusting for a number of special items, it earned 59 cents per share versus 34 cents per share.

Velti benefited largely from stronger mobile advertising and revenue, which helped boost its total revenue 52 percent to $87.1 million.

Analysts polled by FactSet had forecast earnings of 47 cents per share on revenue of $81.1 million.

Velti said it expects revenue of $44 million to $48 million for its first quarter, compared with $45 .7 million that analysts anticipated. It forecast revenue of $280 to $295 million for the full year; analysts forecast $281.2 million.

Shares of the company rose $1.87, roughly 19 percent, to $11.69 in midmorning trading Monday.

Velti also reported a loss for the full year of $15.4 million, or 28 cents per share, versus a loss of $15.7 million, or 41 cents per share, in the prior year. It earned 50 cents for the year, over 7 cents per share, on an adjusted basis. Revenue increased from $116.3 million to $189.2 million.

The company is based in Ireland but has U.S. offices in in San Francisco.

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