CoStar Group Inc (NASDAQ: CSGP) stock rose 5.4% on 24th July 2019 (as of 9:36 am GMT-4; Source: Google finance) after the company posted better than expected results for the second quarter of FY 19. Net income for the second quarter of 2019 was $63 million, which is an increase of 44% over net income of $44 million for the second quarter of 2018. CSGP had the best sales quarter ever, generating $59 million in the company-wide net new bookings, an increase of 32% year-over-year. The primary driver behind the exceptional sales result was a much better-than-expected Apartments.com sales. Apartments.com net new bookings alone increased by 122% year-over-year in the second quarter of 2019. In each of the past three quarters, Apartments.com has beaten all prior sales records for a quarter, with the second quarter of 2019 and the first quarter, Apartments.com net sales bookings were up 44%.
CSGP in the second quarter of FY 19 has reported the adjusted earnings per share of $2.23, beating the analysts’ estimates for the adjusted earnings per share of $2, as per the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 16 percent to $343.76 million in the second quarter of FY 19, beating the analysts’ estimates for revenue by 2.28%.
For FY 19, CSGP expects revenue to be in a range of $1.382 billion to $1.390 billion, which is an increase of $11 million at the midpoint of the range compared to the prior outlook. CSGP expect revenue for the third quarter of 2019 to be in the range of $350 million to $354 million, representing revenue growth of 15% over the third quarter of 2018 at the midpoint of the range.
The Company is raising its adjusted EBITDA guidance to a range of $498 million to $505 million for the full year of 2019. For the third quarter of 2019, the Company expects adjusted EBITDA in a range of $123 million to $127 million.
The company is also raising the full-year 2019 non-GAAP net income per diluted share guidance to a range of $10.00 to $10.14, based on 36.6 million shares. For the third quarter of 2019, the company expect non-GAAP net income per diluted share to be in a range of $2.44 to $2.52 based on 36.6 million shares. These ranges include a non-GAAP tax rate of 25%