Dealertrack Technologies Q2 Adj. Profit Beats Estimate; Lifts FY13 Outlook

(RTTNews) - Dealertrack Technologies Inc. (TRAK) Monday reported second-quarter net income of $3.8 million, or $0.09 per share, as compared to $5.9 million, or $0.13 per share last year.

Excluding special items, adjusted net income for the quarter rose to $16.7 million or $0.37 per share from $13.7 million or $0.31 per share in the year-ago quarter. On average, ten analysts polled by Thomson Reuters expected earnings of $0.32 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter grew to $121.78 million from $96.40 million last year, while ten analysts estimated revenues of $114.67 million for the quarter.

For the full year 2013, the company raised its guidance and now expects earnings to be in range of $0.22 to $0.27 per share, adjusted earnings in the range of $1.26 and $1.31 per share and revenues of $464.0 million and $468.0 million. Analysts currently estimate earnings of $1.25 per share on revenues of $458.13 million.

Earlier, the company expected earnings of $0.21 to $0.28 per share, adjusted earnings in the range of $1.21 to $1.28 per share and revenues to be between $453.0 million to $462.0 million.