News

Strong redbox demand inspires Coinstar to raise Q1 expectations

April 16, 2012

Coinstar announced Friday that the popularity of redbox has inspired higher than anticipated sales. The company expects income from continuing operations of between $53 million, or $1.62 a share, and $54.3 million, or $1.66 a share. That is up from its prior estimate on profit of $76 cents and $91 cents a share, according to proactiveinvestors.com.

Sales were driven by stronger customer demand for redbox movie rental machines, especially in February and March. Also, lower debit card processing fees, and the rollout of single billing in March added about 12 and 14 cents to its first quarter profit, according to the story.

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