Clarivate Q3 Loss Widens, Revenue Declines; Withdraws Full-year Outlook; Stock Down In Pre-market

(RTTNews) - Clarivate Plc (CLVT), provider of transformative intelligence, Wednesday reported net loss of $65.6 million or $0.09 per share for the third quarter, wider than 6.6 million or $0.01 per share loss in the same quarter a year ago. The company also withdrew its full-year outlook. Clarivate shares were down more than 8 percent in pre-market.

Excluding one-time items, the company posted earnings of $134.1 million or $0.19 per share, lower than $152.6 million or $0.21 per share a year ago.

Revenue for the quarter declined to $622.2 million from $647.2 million in the previous year.

The company also noted that as a result of the recent CEO transition and the work being done under the Value Creation Plan, its previously provided outlook for the full year is no longer valid. Clarivate was expecting adjusted EPS of $0.70 - $0.80 on revenue of $2.57 billion - $2.67 billion for the year.

Clarivate stock had closed at $6.59, up 2.27 percent on Tuesday. It has traded in the range of $4.97 - $9.61 in the last 1 year.