LendingTree posted record revenue during the second quarter, leading the company to upwardly revise its full-year guidance.
The online loan lead aggregator reported net income of $4.7 million versus a net loss of $248,000 a year ago. Earnings per share totaled 52 cents, beating the average estimate of analysts polled by Bloomberg by 19 cents.
The Charlotte, N.C.-based company's total revenue rose 31% year-over-year, to $55.1 million, as both LendingTree's mortgage and non-mortgage lines of business recorded higher income. Mortgage revenue rose 7% from the second quarter of 2014 to $37.2 million, and non-mortgage revenue more than doubled during the same period of time, ending the second quarter at $17.9 million.
Total costs and expenses also jumped 23% from the previous year, to $48.4 million. In particular, the company saw higher costs associated with selling and marketing, in part due to an accelerated investment in the company's brand campaign.
"The online lending market continues to expand and LendingTree is positioned perfectly to capture an increased share of a burgeoning market," LendingTree chairman and chief executive Doug Lebda said in the release. "Our continued business strength in both mortgage and non-mortgage categories gives us confidence to increase our guidance for the remainder of the year."
Now, the company expects to bring in revenue between $225 million and $230 million for fiscal year 2015, in contrast with the previous guidance of between $202 million and $208 million.
