Oct. 26--LendingTree shares climbed as much as 20 percent Thursday after the Charlotte-based company reported record third-quarter revenue and increased projections for the year.
The online matchmaker between consumers and lenders said total revenue increased 81 percent from a year ago to $171.1 million. For the full year, LendingTree said it expects revenue between $603 to $608 million, up from previous guidance of between $580 and $590 million.
LendingTree shares have been among the best-performing in the country since the November election, rising more than 165 percent to $221.45 as of Wednesday. In mid-morning trading, they were up more than 14 percent, or $31.38, to $252.82.
Net income in the third quarter was $10.1 million, up from $7.3 million a year ago. Adjusted net income per share was $1.17, compared with the 92 cents per share estimated by analysts surveyed by Zacks Investment Research.
"We believe the momentum in the third quarter sets us up well for exceptional growth and profitability in 2018 and beyond," LendingTree CEO Doug Lebda said in a statement.
The stock resurgence is the latest milestone for a company that has experienced a roller-coaster history since Lebda founded it in 1996. The company nearly flamed out during the dot-com bust in 2001, became part of an internet conglomerate in 2003 and emerged as a standalone company again in 2008 -- just in time for the recession. In recent years, it has been expanding beyond just mortgage-related products.
Rick Rothacker: 704-358-5170, @rickrothacker
(c)2017 The Charlotte Observer (Charlotte, N.C.)
Visit The Charlotte Observer (Charlotte, N.C.) at www.charlotteobserver.com
Distributed by Tribune Content Agency, LLC.
© Tribune Content Agency, source Regional News