CHARLOTTE – Lending Tree (TREE) on Wednesday reported third-quarter earnings of $4.3 million and said the company set records in several categories:
- Record consolidated revenue of $310.6 million; up 58% over 3Q 2018
- Record variable marketing margin of $115.6 million; up 50% over 3Q 2018
- Record adjusted EBITDA [earnings before interest, tax, depreciation and amortization] of $63.0 million; up 39% over 3Q 2018
- Record adjusted net income per share of $2.25
The Charlotte, North Carolina-based company said it had net income of 29 cents per share. Earnings, adjusted for one-time gains and costs, were $2.25 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.67 per share.
The mortgage lending service provider posted revenue of $310.6 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $295.2 million.
“LendingTree continued its run of strong results in the third quarter, achieving record levels of revenue, variable marketing margin, and adjusted EBITDA,” said Doug Lebda, Chairman and CEO, in a statement.
“While top-line revenue trends have been terrific all year, we were particularly pleased to drive expanded profitability in the quarter while continuing to invest in projects to position the company for success in the quarters and years to come.”
Tree.com expects full-year revenue in the range of $1.1 billion to $1.12 billion.
Tree.com shares have risen 44% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $315.62, a rise of 62% in the last 12 months.