Outerwall’s Profit Surpasses Estimates, Plans to Boost Buybacks
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Outerwall Inc., the owner of Redbox DVD rental machines that’s under pressure from investor Jana Partners LLC, posted profit ahead of estimates and said it plans to boost share buybacks. The stock jumped in late trading.
Adjusted profit was 97 cents a share in the three months ended in September, compared with $1.26 a year earlier, the Bellevue, Washington-based company said in a statement yesterday. That beat the 88-cent average projection by analysts, according to data compiled by Bloomberg.