By: Valassis Communications Inc., which makes advertising inserts tucked into newspapers, said Thursday its fourth-quarter profit nearly tripled as it reaped the benefits of its acquisition of direct-mail marketer Advo.
Net income for the three months ended Dec. 31 rose to $20.6 million, or 43 cents per share, compared with $6.9 million, or 14 cents per share, during the same period a year earlier.
Analysts predicted earnings of 35 cents per share, on average, according to a survey by Thomson Financial.
Revenue rose to $661.5 million from $286.4 million. Analysts forecast revenue of $643 million, according to Thomson.
For the full year, net income rose to $58 million, or $1.21 per share, compared with $51.3 million, or $1.07 per share, during the same period a year earlier. Revenue increased to $2.24 billion from $1.04 billion.
Valassis said savings resulting from the Advo deal, which was completed early last year, totaled $26 million _ more than the $18 million the company initially projected.
The company said it continues to expect adjusted earnings before interest, tax, depreciation and amortization of between $260 million and $280 million, and revenue percentage growth in the low to mid-single digits. Adjusted earnings per share are expected to be $2.14 and $2.39.
Valassis shares surged $1.57, or 15.1 percent, in early trading.
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