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Blackhawk Network updates 2016 guidance

Blackhawk NetworkHoldings Inc. has updated its guidance for the full year 2016.

The company now expects adjusted EBITDA to be between $196 millionand $216 million for the year, compared with the previous estimate of $221 million to $234 million made Feb.23.

Adjusted net income is expected to range from $142 million to$154 million, compared with the previous estimate of $142 million to $150 million.

The company expects adjusted EPS for the year to be between $2.44and $2.63, compared with previous guidance of $2.43 to $2.58.

Adjusted operating revenues are now expected to total between$932 million and $1.00 billion, compared with previous guidance of $1.06 billionto $1.13 billion.

The company noted that results for U.S. retail will be weakenedfurther by additional restrictions on sales of open loop gift cards taken by someretail distribution partners related to their delay in implementing EMV-compliantpoint-of-sale systems. While most of the company's partners expect to complete theirimplementations by September, Blackhawk said the restrictions are having a greaterimpact on its gift card sales than previously estimated.