J2 Global beats Street in 2Q, raises 2011 outlook
J2 Global Communications Inc. said Tuesday that its second-quarter net income climbed 52 percent as revenue from its business communications services climbed.
The company's shares jumped nearly 12 percent in after-hours trading, as the results beat analyst expectations and the company increased its outlook for the year. J2 also announced its first dividend Tuesday.
For the quarter that ended June 30, j2 earned $28.5 million, or 61 cents per share, compared with $18.7 million, or 41 cents per share, in the second quarter of 2010.
Excluding one-time items, the company earned 65 cents per share, which is 7 cents higher than what analysts polled by FactSet expected, on average.
Revenue rose 40 percent year over year to $85.7 million. Analysts were expecting $84 million in revenue.
J2 also on Tuesday raised its outlook for the rest of the year. The company now expects adjusted earnings of $2.46 to $2.56 per share on $335 million to $345 million in adjusted revenue. It previously expected adjusted earnings of $2.21 to $2.42 per share on $320 million to $340 million in adjusted revenue.
Analysts expect adjusted earnings of $2.37 per share and revenue of $335.5 million.
Also Tuesday, j2 said its board approved its first quarterly cash dividend, which will be 20 cents. The dividend will be paid on Sept. 19 to shareholders of record as of Sept. 2.
J2 shares rose $3.01, or 11.6 percent, to $28.99 in extended trading. The stock finished regular trading up 26 cents at $25.98.