57.5 F
Laguna Hills
Monday, Dec 5, 2022
-Advertisement-

Advantage Solutions Raises Guidance on Marketing Recovery

Advantage Solutions Inc. (Nasdaq: ADV) raised its guidance for the year as the marketing segment of its business shows improvement.

The Irvine-based company, which provides and sales and marketing services to companies such as Walmart and Target, said it’s increasing its forecast on earnings before interest, taxes, depreciation and amortization by $5 million to between $520 million and $530 million for the year.

Marketing services, which includes in-store sampling, was hit hard last year by the pandemic and store operating restrictions, but CEO Tanya Domier noted in a statement Monday “our COVID-impacted services are rebounding steadily.”

The division helped drive the overall increase in second-quarter revenue with 59% growth from a year ago.

The digital and e-commerce business, which last year helped offset declines in parts of the Advantage business, saw sales increase 22% in the quarter compared to a year ago.

Advantage reported revenue of $850 million in the second quarter, up 32.5%.

The company swung to a profit during that same period reporting net income of $5.8 million, compared to a net loss of $37.8 million a year ago.

Shares of the company closed down 1% in Monday’s trading session to $9.92 for a market cap of $3.2 billion.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-