Valassis Q2 Profit Misses Estimates - Quick Facts

(RTTNews) - Valassis (VCI) reported second-quarter second-quarter net earnings of $26.8 million, which included $0.9 million net of tax, of restructuring costs, an increase from $21.7 million in the prior year quarter, which included $10.7 million net of tax, of restructuring costs and asset impairments and other non-recurring charges.

Excluding restructuring costs, asset impairments and other non-recurring charges, adjusted net earnings were $27.7 million, compared to $32.4 million last year.

Earnings per share was $0.68, which included the negative impact of the restructuring costs of $0.02, an increase from $0.51 in the prior year quarter, which included the negative impact of the restructuring costs, asset impairments and other non-recurring charges of $0.25.

Excluding these charges, second-quarter 2013 adjusted profit per share was $0.70, compared to $0.76, prior year. On average, five analysts polled by Thomson Reuters expected the company to report profit of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues were $495.9 million, a decrease of 8.2% from $540.2 million in the prior year quarter. The company said this decrease was due primarily to an anticipated decline in revenues in the Neighborhood Targeted segment resulting from the change in certain client contracts to a fee-based media placement model, as well as the discontinuance of the sampling and solo direct mail products. Without the effect of these changes, second-quarter 2013 adjusted revenues increased 1.2%. Analysts expected revenue of $507.53 million for the quarter.

The company has reiterated its full-year 2013 guidance as earnings per share of between $3.05 and $3.20. Analysts expect the company to report full year 2013 profit per share of $3.13.