Outerwall CEO Scott Di Valerio Steps Down, Updates Q4 Outlook; Stock Down

(RTTNews) - Outerwall Inc. (OUTR) announced that Scott Di Valerio has stepped down as the company's chief executive officer and resigned from the Board. Nora Denzel, a member of Outerwall's Board of Directors since 2013, has been appointed to serve as interim chief executive officer.

The Outerwall Board will immediately initiate a search process to identify the next CEO.

Outerwall currently expects consolidated revenue for the fourth quarter of 2014 to be approximately $598 million to $602 million. Core earnings per share from continuing operations is expected to be between $2.40 and $2.52. Analysts polled by Thomson Reuters expect the company to report earnings of $2.06 per share and revenues of $596.27 million for the fourth-quarter. Analysts' estimates typically exclude special items.

The company said in October that it expected core earnings of $1.85 to $2.15 per share on revenues of $575 million to $605 million for the fourth-quarter.

Outerwall said it will provide 2015 annual guidance on its upcoming fourth quarter 2014 earnings conference call. The company currently expects low single-digit revenue growth and core adjusted EBITDA from continuing operations to be approximately in-line with expected 2014 actuals.

OUTR closed Friday's trading at $77.77. In Tuesday's pre-market trading, the company's shares are down $7.77 or 9.99 percent to $70.00.