LendingTree’s Reports Record Q3 Results

10/31/19

By Elena Schmidt, NC Biz News

LendingTree, Inc. reported record results in the third quarter, allowing the company to boost its outlook for 2019 and sending shares up the most in almost a year in trading Thursday.

The company reported a record consolidated revenue of $310.6 million, up 58 percent from the same quarter in the previous year. This beat Bloomberg’s consensus estimate of $295.3 million.

“While top-line revenue trends have been terrific all year, we were particularly pleased to drive expanded profitability in the quarter while continuing to invest in projects to position the company for success in the quarters and years to come,” said CEO Doug Lebda.

These record numbers allowed the company to raise its year-end predictions. Revenue is now anticipated to be in the range of $1.10 billion to $1.12 billion, up from prior view of $1.08 billion to $1.10 billion.

LendingTree said the company’s success this quarter can be attributed to gains in the mortgage environment, student loans during the fall enrollment period and their small business services.

“We’re equally excited about the strategic initiatives and investments that our diversified business has enabled us to make in 2019,” said J.D. Moriarty, chief financial officer, in the statement. “These should position us well and catalyze the business in 2020 and beyond.”

The company’s adjusted earnings per share were $2.25 for the third quarter, higher than Bloomberg’s consensus estimate of $1.62. This was a 17 percent increase from the third quarter in the previous year.

LendingTree is an online lending marketplace. The company’s stock was trading at $354.43 on Thursday, up $38.81.

The filing can be found here.

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