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Planet Payment plunges on revenue miss

Thursday, March 9, 2017 8:49
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Shares in international payment processing firm Planet Payment Inc (NASDAQ:PLPM) were knocked off-kilter after it reported a year-on-year decline in quarterly revenues.

The shares fell 9.2% in the first hour of trading as the company revealed revenue of US$13.9mln for the final three months of 2016, down from US$15.4mln in the corresponding period of 2015.

Analysts that follow the stock had pencilled in a figure of US$16mln for fourth quarter revenue.

Adjusted underlying earnings (EBITDA), however, advanced 22% to US$4.8mln from US$3.9mln the year before.

Net income jumped to US$19.8mln from US$6.7mln, largely reflecting an improvement in the income tax provision this time round, which clocked in at US$16.5mln versus US$4.8mln the year before.

Revenue for the whole of 2016 was US$54.3mln, up from US$52.8mln the year before.

For the current year Planet Payment predicts revenue will rise to somewhere between US$60.1mln and US$61.5mln.

Net income for 2016, excluding tax benefits, was US$8.6mln, up from US$5.6mln the previous year.

The company said it expects to post net income for the current year of somewhere between US$11.8mln and US$12.8mln.

“I am pleased with our performance in 2016, and our prospects for 2017,” said Carl Williams, chairman and chief executive officer of Planet Payment.

“With strengthening global travel trends, multiple business wins, and improving EBITDA, I feel strongly that our progress will continue in 2017 and beyond,” he added.

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