By Adria Calatayud
Cars.com Inc. /zigman2/quotes/210492562/composite CARS +5.47% said Wednesday that first-quarter profit fell 97%, but confirmed its guidance for the full-year.
The Chicago-based online automotive marketplace earned a quarterly net profit of $929,000, or 1 cent a share, compared with $26.9 million, or 38 cents, for the year-earlier period. The company said the profit drop was due to changes in its capital structure, which included higher interest and tax expenses. Cars.com was spun off from TEGNA Inc. (TGNA) last year.
Excluding items, Cars.com reported an adjusted profit of 39 cents a share for the quarter, compared with FactSet-provided analysts forecasts of 57 cents.
Sales rose 4.4% to $160.0 million from $153.2 million in the year-earlier period. This compares with analysts forecasts of $155.3 million, according to FactSet.
Average monthly unique visitors rose 9% on year to 19.4 million, while total visits grew 7% to 113.4 million, Cars.com said. Dealer customer count fell 4% to 20,474 and average vehicle listings were 4.9 million, down 2% on year, the company said.
Cars.com backed its earlier 2018 guidance and said it continues to expect revenue growth of approximately 10% to 11% in 2018 with an adjusted earnings before interest, taxes, depreciation, and amortization margin of approximately 34%.