Valassis Communications, Inc. misses Q2 estimates, lowers fiscal year outlook
Marketing products maker Valassis Communications, Inc. (NYSE: VCI) posted second-quarter revenue below estimates and cut its fiscal year outlook. The Livonia, Mich.-based company reported revenue of $612.1 million, or $0.20 per share, for the three months ended June 30. In the same period of 2006, the company reported revenue of $260 million, or $0.40 per share.
Wall Street analysts were expecting $626.7 million in revenue and earnings of $0.28 per share.
The company lowered its fiscal year guidance to between $2.22 billion and $2.25 billion, compared with a previous outlook between $2.25 billion and $2.35 billion. Wall Street analysts expect fiscal year revenue of $2.26 billion.
Valassis, which creates newspaper inserts, said the purchase of direct mail advertising company ADVO Inc. raised costs.
In pre-market trading, shares of the small-cap company are hitting a year-low at $13, down $0.32, or 2.4%. Over the last 52 weeks, shares have ranged between $13.23 and $22.11.
