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Cars.com shares tick up pre-market after Q4 zoom ahead of analysts’ expectations

Last updated: 08:55 06 Mar 2018 EST, First published: 03:55 06 Mar 2018 EST

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The company also announced that it has successfully negotiated the early conversion of the tronc and McClatchy affiliate territories and closed on the acquisition of the privately-held Dealer Inspire and Launch Digital Marketing.

Cars.com Inc.(NYSE:CARS) saw its shares edge higher in pre-market trade after it reported market-beating fourth quarter numbers.

In a statement, the auto-marketplace company said net income in the quarter came in at US$151.8mln.

2018 revenue growth guidance: 10-11%

On an adjusted basis, which excludes the effect of the US tax reform, Cars.com earned US$34.2mln or 48 US cents a share, which soundly beat what the market had pencilled in at 31 US cents a share.

In the quarter, revenue slipped 3% to US$156.6mln, but still managed to hold above the US$156.3mln targeted by Wall Sreet.

The fourth quarter saw mobile traffic rising 6% year-on-year, while the average vehicle listings rose 1% to 4.9 million.

Cars.com is guiding a 10% to 11% revenue growth in 2018, with 3% to 4% revenue growth coming from its organic business.

The company also announced that it has successfully negotiated the early conversion of the tronc and McClatchy affiliate territories and closed on the acquisition of the privately-held Dealer Inspire and Launch Digital Marketing.

In pre-market, its shares were up 4.81% at US$29.65.

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