What: Shares of MDC Partners (NASDAQ:MDCA) 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.