Blackhawk Profit Falls On Expenses

(RTTNews) - Financial services company Blackhawk Network Holdings Inc (HAWK) on Tuesday reported second-quarter net earnings of $2.9 million or $0.05 per share compared with $5.1 million or $0.09 per share last year.

Results were partly hurt by higher stock-based compensation expense and amortization costs, the company said.

Excluding items, adjusted earnings for the quarter were $0.38 per share compared with $0.28 per share a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were up 31% at $372.2 million compared with $283.9 million in the prior year. Adjusted revenues totaled $195.3 million versus $134.7 million.

Analysts estimated revenues of $176.3 million for the quarter.

Revenue growth was partly due to increase in commissions and fees driven primarily by higher closed loop gift card sales as well as increased marketing revenues in both the U.S. and international retail segments.