Outerwall’s profit doubles, beats forecasts
Seattle Times business reporter
Outerwall, the Bellevue-based owner of Redbox DVD rental machines, posted a third-quarter profit that beat analysts’ expectations and said it will step up its stock buyback program, pushing shares higher late Thursday.
The company reported a quarterly profit of $82.7 million, or $2.95 a share, more than doubling from $36.8 million, or $1.14 a share, a year ago.
Sales rose 9 percent to $587.4 million, driven by growth at Redbox.
Outerwall said it will buy back an additional $150 million of stock, including $100 million by the end of the fourth quarter.
Shares jumped $4.27, or 6.9 percent to $66.25 in after-hours trading after the earnings release.
Amy Martinez: 206-464-2923 or firstname.lastname@example.org. On Twitter: @amyemartinez