Coinstar Shares Jump After Firm Raises Outlook
Shares of Coinstar soared around 20 percent in after-hours trading after the company raised its first-quarter outlook.
The company said Thursday revenue would be between $567 million and $569.2 million, according to a company statement. It also forecasts earnings per share from continuing operations of $1.62 and $1.66.
The company , whose green boxes allows people to convert their coins to dollars, gift cards and e-certificates, raised its 2012 guidance primarily on increasing revenue from stronger-than-anticipated demand for its RedboxDVD rental service.
The company has increased prices for Redbox's standard-definition DVD rentals, and says it has found consumer acceptance to be better than it anticipated.
Coinstar plans to report first-quarter results on April 26, after market close.