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The Short Hills, New Jersey-based Dun & Bradstreet reported net income attributable to the company for the third quarter of $54.0 million or $1.02 per share, compared to $65.1 million or $1.18 per share in the year-ago quarter.
Quarterly results included a net pre-tax, non-core charge of $14.1 million in the third quarter of 2009 and a net after-tax, non-core charge of $6.1 million.
Excluding these non-core gains and charges, non-GAAP net income for the quarter rose to $60.1 million or $1.13 per share from $62.1 million or $1.12 per share in the same quarter last year.
On average, six analysts polled by Thomson Reuters expected the company to earn $1.12 per share for the quarter. Analysts estimates typically exclude special items.
Total revenues for the quarter decreased 1% to $399.0 million from $409.2 million in the prior-year quarter. Revenues for the year-ago period included the results of a divested business, before the effect of foreign exchange. Revenues were down 3% after the effect of foreign exchange. Six analysts had a revenue consensus of $396.19 million for the third quarter.
A commercial information and insight provider on businesses worldwide, Dun & Bradstreet had a Core revenue for the third quarter of $399.0 million, up 2% from the prior year similar period, before the effect of foreign exchange and flat after the effect of foreign exchange. Core revenue results for the most recent quarter comprised of Risk Management Solutions revenue of $264.8 million, Sales & Marketing Solutions revenue of $105.9 million, and Internet Solutions revenue of $28.3 million.
In the preceding quarter, Dun & Bradstreet reported a profit that dropped to $76.8 million or $1.43 per share, hurt by discrete tax benefits recorded in the prior year quarter. Core and total revenue dropped to $416.9 million, due to weakening demand in the North American segment, amid economic downturn.
Among the others in the industry, Acxiom Corp. (ACXM | Quote | Chart | News | PowerRating) reported a sharp fall its second quarter net earnings that totaled $9.45 million or $0.12 per share from $15.853 million or $0.20 per share last year. Total revenues were $271.11 million, compared to $328.94 million in the prior year quarter.
Another player, Equifax Inc. (EFX | Quote | Chart | News | PowerRating), in its third quarter, reported a profit that dropped to $59.7 million or $0.47 per share, hurt by lower operating revenues and unfavorable foreign exchange rates. Revenues dropped 7% to $451.9 million. Unfavorable foreign exchange rates reduced operating revenues by 3%.
Segment wise, revenue from North American segment, after the effect of foreign exchange, dropped 3% to $310.8 million, while International segment gained 24% to $88.2 million from the prior year quarter. Before the effects of foreign exchange, North American and international revenues dropped 3% and increased 13% respectively.
Operating income for the quarter was $92.6 million, up 2 % from the prior year period. Operating income before non-core gains and charges for the third quarter was $104.8 million, down 3% from year ago period.
Commenting on the results, Steve Alesio chief executive officer of Dun & Bradstreet said,"International delivered another quarter of strong growth. North America performed as expected and continues to focus on enhancing our value proposition and retaining customers for the long term. We feel good about our company's performance on a year-to-date basis in the context of the economic environment and relative to many other companies."
For the nine-month period, net income attributable to Dun & Bradstreet surged to $235.0 million or $4.39 per share from $210.5 million or $3.75 per share in the year-ago period.
Total revenue for the period was $952.3 million, down from $984.4 million in the same period a year ago.
Looking forward to the fiscal year 2009, D&B reaffirmed its earnings per share growth in the range of 1% to 5%, before non-core gains and charges. Core revenue is still expected to be down 1% to up 1% , before the effect of foreign exchange.
Analysts currently expect earnings of $5.40 per share on revenues of $1.67 billion for fiscal 2009.
DNB closed Wednesday's regular trading at $78.41, down $2.02 or 2.51%, on a volume of 0.79 million shares. In the last 52-week period, the stock traded in the range of $64.00 to $84.76, with a three-month average volume of 0.55 million shares.
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