What happened
Shares of Cimpress NV (CMPR 1.07%) were up 19% as of 1:30 p.m. EST Thursday after the mass-customization specialist announced fiscal second-quarter 2018 results.
More specifically, Cimpress' revenue climbed 32% year over year to $762 million. That translated to net income attributable to the company of $29.9 million, or $0.93 per diluted share, down from $35 million, or $1.07 per share in the same year-ago period. By contrast -- and keeping in mind Cimpress doesn't provide specific quarterly financial guidance -- investors were only anticipating earnings of $0.83 per share on revenue of $692.4 million.
IMAGE SOURCE: CIMPRESS.
So what
Cimpress' strength was broad-based, with revenue up 13% at Vistaprint to $428.9 million, 26% at the Upload and Print business to $192.5 million, and $126.1 million in revenue from personalized-products specialist National Pen, which it acquired just over a year ago. Still, National Pen revenue climbed 28% at constant currency on a pro-forma basis.
Now what
Cimpress also revealed that its restructuring of Vistaprint -- announced last quarter -- resulted in a smaller-than-expected restructuring charge of $11.5 million. Cimpress continues to expect Vistaprints reorganization will reduce operating expenses by $20 million to $22 million this fiscal year.
Cimpress' founder and CEO Robert Keane called it a "strong quarter" that leaves the company on track to meet its goals for the remainder of the fiscal year. Keane added:
We believe the capital we are allocating across our company, combined with the organizational and strategic changes we have implemented recently, are solidifying our leadership position in mass customization and continuing to increase our intrinsic value per share.
