Cornerstone stated its plan to spice up margins and earnings enlargement goes neatly, however the corporate’s fourth quarter effects fell wanting expectancies.
The corporate reported a fourth quarter internet lack of $nine million, or 16 cents a proportion, on earnings of $132 billion, up 21 p.c from a 12 months in the past. On a non-GAAP foundation, Cornerstone reported income of 19 cents a proportion.
Wall Boulevard was once anticipating fourth quarter income of 21 cents a proportion on earnings of $133.26 million.
For 2017, Cornerstone reported a internet lack of $61.three million, or $1.07 a proportion, on earnings of $482 million, up 13.nine p.c from a 12 months in the past.
In November, Cornerstone stated it reviewed its industry together with takeover passion and determined to take an funding from Microsoft’s LinkedIn and Silver Lake. The plan is to spice up enlargement and profitability.
CEO Adam Miller stated:
Within the final 3 months, we’ve got made sturdy development in opposition to our strategic transformation plan. We’re making the precise adjustments to power routine earnings enlargement and working margins.
As for the outlook, Cornerstone projected earnings of $126 million to $128 million, up 14 p.c from a 12 months in the past. Wall Boulevard was once anticipating earnings of $122.36 million.
For 2018, Cornerstone is projecting earnings of $497 million to $507 million.