Envestnet Inc. has provided guidance for the third quarter and updated its outlook for the full year along with reporting a net loss for the second quarter.
The company expects adjusted revenues for the third quarter to be in the range of $170.0 million to $172.0 million. Adjusted EBITDA is projected to be between $33.0 million and $34.0 million, while adjusted net income is expected to be 35 cents per share.
The S&P Capital IQ consensus normalized EPS estimate for the third quarter is 34 cents.
For 2017, the company anticipates adjusted revenues of between $667 million and $673 million, up from the prior range of $655 million to $664 million. Adjusted EBITDA for the full year is now expected to be in the range of $125 million to $128 million, also up from the prior range of $122 million to $127 million.
Envestnet reported a second-quarter net loss attributable to the company of $6.5 million, or 15 cents per share, compared with a loss of $7.9 million, or 19 cents per share, in the year-ago quarter. Adjusted net income was $13.1 million, or 29 cents per share, up from $9.2 million, or 21 cents per share, in the prior-year period.
The S&P Capital IQ consensus normalized EPS estimate for the second quarter was 27 cents.