Friday, November 9, 2012

Earnings Recap: Zipcar Inc, Spreadtrum Communications – ZIP, SPRD

On Thursday Zipcar Inc(NASDAQ:ZIP), which runs a car-sharing network, on Thursday said that it was on track to report its maiden annual profit in 2012, after reporting strong third quarter figures.

In the third quarter Zipcar said its revenue rose 15 percent, to $78.2 million, and its membership grew 18 percent to about 767,500. Analysts expected revenue of $75.6 million. Zipcar said it expects net income of as much as $3 million in 2012. Wall Street is forecasting net income of $900,000, or 2 cents per share.

Its net income grew to $4.3 million, or 10 cents per share, in the third quarter, which included a benefit of $1.7 million from zero-emission vehicle tax credits. In the third quarter of 2011 Zipcar posted net income of $651,000, or 2 cents per share, a year ago. Analysts were expecting a smaller profit of a penny per share and $75.6 million in revenue.

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Zipcar forecast $67 million to $71 million in revenue in the fourth quarter and raised its full-year estimate slightly, to a range of $275 million to $279 million. Analysts expect $274.6 million.

Shares of ZIP soared 22%.

Spreadtrum Communications, Inc (ADR)(NASDAQ:SPRD), which makes chips for smartphones, on Thursday, said it made a net income of $23.2 million, or 44 cents per American depositary share, for the three months ended Sept. 30.

That compares with net income of $39.3 million, or 75 cents per ADS, in the prior-year period.

Revenue rose about 2 percent to $187.9 million from $184.8 million a year earlier.
Analysts' consensus forecast called for higher earnings of 46 cents per ADS on $184.5 million in revenue.

Shares of the company are down 11% to $19.

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