Digital branding company Perion Network Ltd. (Nasdaq:PERI: TASE:PERI) Network Ltd. (NASDAQ: PERI)has announced that, on the basis of preliminary and unaudited results, it expects its adjusted EBITDA for 2019 to exceed its previously issued guidance of $25 to $27 million and reach at least $30 million.
The company says that the improvement is the result of higher revenues than expected. It is due to release financial results on February 12.
Perion Network will thus post an increase in EBITDA in comparison with 2018, when according to its earlier guidance it would have posted a decline. In 2018, the company's adjusted EBITDA was $29.6 million. For the first three quarters of 2019 it totaled $20.2 million, which means that, on the basis of the updated guidance, Perion's fourth quarter adjusted EBITDA will be nearly $10 million.
In early 2019, Perion expected annual EBITDA to total $22-24 million. In May, the company raised its guidance to $24-26 million, and in a further update in August it raised it again to $25-27 million. When it released its third quarter results, the company said that it expected to reach the upper end of the range, but its latest guidance is above the range altogether.
Perion Network, which is traded on Nasdaq and on the Tel Aviv Stock Exchange, has a market cap $171 million, following a 139% rise in its share price in 2019. In today's session on the Tel Aviv Stock Exchange, the company's share price is currently up 7.6%.
Published by Globes, Israel business news - en.globes.co.il - on January 6, 2020
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