With an enriching fourth quarter, Overstock managed to beat a Wall Street earnings estimate but fell short on sales.
Company net income from continuing operations in the quarter was $32.9 million, or 68 cents per diluted share, versus $23.2 million, or 48 cents per diluted share, in the year-earlier period.
Adjusted for one-time events, fourth-quarter net income from continuing operations was $17.3 million, or 36 cents per diluted share, Overstock noted.
Overstock topped a MarketBeat-published analyst consensus estimate of 32 cents per diluted share although it fell short of a $643.99 revenue estimate.
Net revenue was $612.7 million versus $669.7 in the year-before quarter, the company indicated. Operating income was $19.1 million versus $22.4 million in the year-previous period.
For the full year, income from continuing operations was $171.8 million, or 3.57 per diluted share, versus $95.1 million, or $2.12 per diluted share, in the year earlier.
Adjusted earnings were $105.4 million, or $2.19 per diluted share, Overstock maintained.
Net revenue was $2.76 million versus $2.49 million in the year before, the company asserted. Operating income was $111.1 million versus $96.7 million in the year previous.
“This is our second consecutive year of profitability and market share growth,” said Overstock CEO Jonathan Johnson. “For the full year 2021, net revenue increased 11% against record 2020 growth. The foundational operational improvements we have made over the past two years have stabilized the business and positioned us well to navigate through economic- and industry-specific cycles over the long term. We are proving we can adjust to, execute through, and take advantage of both positive and negative jolts in the market. It’s encouraging that nearly one-third of the overall home furniture and furnishings market continues to be transacted online. I believe increasing our brand association with home positions us favorably for 2022 and beyond. We remain committed to our value to ‘do good’ and recently launched a dedicated site outlining our ESG efforts.”
Johnson added, “Navigating the operating environment in our industry during the fourth quarter was challenging. Despite challenges, we were committed to delivering on our profitability targets, and we did just that, driven in part by our largest Thanksgiving through Cyber Monday – or Cyber Five – period in the company’s history.”