J2 Global Q3 Results Top Estimates; Lifts 2020 Outlook

(RTTNews) - J2 Global Inc. (JCOM) reported that its third-quarter GAAP net income increased by 98.0% to $60.9 million from $30.7 million last year. Earnings per share increases 111.7% to $1.31 from $0.62 in the prior year.

Adjusted non-GAAP earnings per share for the quarter rose 19.1% to $2.02 from $1.70 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.77 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenues increased 3.7% to $357.0 million from $344.1 million last year. Analysts expected revenue of $338.82 million for the quarter.

The company raised its fiscal year 2020 adjusted non-GAAP earnings per share outlook to a range of $7.85 - $8.00 from the prior outlook of $7.17 - $7.41. The company also raised its annual revenues guidance to a range of $1.447 billion - $1.462 billion from the previous outlook of $1.380 billion - $1.400 billion.

Wall Street currently is looking for fiscal year 2020 earnings of $7.28 per share on annual revenues of $1.39 billion.