Image source: MDC Partners.
What: Shares of MDC Partners have plunged today, down by 10% as of 3:24 p.m. ET, after the company reported first-quarter earnings.
So what: Revenue in the first quarter came in at $309 million, with adjusted EBITDA of $32.8 million. The company posted an adjusted net loss of $0.04 per share. While the bottom-line result beat the $0.07-per-share loss that analysts were expecting, sales fell short of the $325 million consensus estimate. MDC Partners also declared a dividend of $0.21 per share.
Now what: CEO Scott Kauffman noted that organic revenue growth has been uneven, but was confident that MDC can hit its full-year guidance, which it also lowered slightly. MDC reduced its 2016 outlook for adjusted EBITDA available for general capital purposes, which is now expected to be $130 million to $140 million. MDC also announced that it was extending its revolving credit facility in order to support global expansion.
The article Why MDC Partners Shares Plunged Today originally appeared on Fool.com.
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