Reuters: Global Markets: Cardtronics shares touch life high on strong earnings, forecast

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Cardtronics shares touch life high on strong earnings, forecast May 1st 2012, 15:53 Tue May 1, 2012 11:53am EDT (Reuters) - Shares of Cardtronics Inc (CATM.O) surged to a life high, a day after the ATM and multi-line financial services kiosk provider posted better-than-expected first-quarter results and raised its full-year forecast. Cardtronics shares were up 10 percent at $29.04 on late Tuesday morning on the New York Stock Exchange. They had touched a high of $29.34 earlier in the session. Piper Jaffray raised its rating on Cardtronics' shares to "overweight" from "neutral," and price target to $32 from $29, citing the company's strong revenue trends, impressive backlog and opportunity for improved margins in the second half of 2012. The company raised its 2012 forecast and said it now expects adjusted earnings of $1.58 to $1.64 per diluted share, on revenue of $755 million to $770 million. Analysts were expecting Cardtronics to earn $1.60 per share, on revenue of $742.7 million, according to Thomson Reuters I/B/E/S. The company said it has a contracted conversion pipeline in excess of 2,000 units. It has also won a new 1000-ATM contract in the U.K., raising its ATM installation order backlog, Cardtronics said on a post-earnings conference call. "While the pipeline will require some incremental costs be incurred during the second quarter, we believe these units should be profitable in the second half," Piper Jaffray analyst Michael Grondahl said in a note to clients. (Reporting by Aman Shah in Bangalore; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

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