MORRISVILLE – Ecommerce services provider ChannelAdvisor (ECOM) continues to grow revenues across multiple segments in a year in which income has surged beyond the increase in sales ignited across the world of online buyig ignited by COVID-19.
“We continued to execute extremely well in Q3, driving strong growth, record revenue, and adjusted EBITDA that exceeded the high-end of our guidance range for the quarter,” said David Spitz, ChannelAdvisor’s chief executive officer, in a statement, early Tuesday,
This growth is especially impressive considering it’s on top of last year’s elevated e-commerce volumes. The strength in our business is a direct result of our brands strategy and the growth investments we’ve been making to empower their digital transformations.”
ChannelAdvisor reported $41.6 million in a revenue – a record, the company said, which surged 18% year-over-year.
Third-quarter net income came in at $3.5 million.
The Morrisville-based company said it had net income of 11 cents per share. Earnings, adjusted for stock option expense, came to 21 cents per share.
The provider of cloud-based ervices posted revenue of $41.6 million in the period.
And Spitz sees more growth coming.
“We believe our focus on product innovation, channel expansion, strong sales and revenue retention positions us well to drive sustainable double-digit revenue growth and adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] margin of at least 20%, consistent with the long-term financial targets we provided at our recent analyst day,” he said.
For the current quarter ending in December, ChannelAdvisor said it expects revenue in the range of $43.7 million to $44.7 million.
In its earnings announcement, ChannelAdvisor reported:
- Continued product innovation: ChannelAdvisor recently released A/B Testing for Product Content in order to empower brands to increase the likelihood of conversion by identifying the best performing product content to support efforts on Google and Facebook. ChannelAdvisor also launched Commerce Network, an in-platform experience that enables online channels to easily scout, engage and grow with brands and retailers looking to diversify in the highly competitive e-commerce landscape. ChannelAdvisor also released Self-Service Buy Now Interstitial, a major new Shoppable Media capability that allows self-service clients to build powerful social media campaigns that include a path to purchase on preferred retailers.
- Continued channel expansion: ChannelAdvisor remains laser-focused on global channel expansions to help address the evolving business needs of brands and retailers worldwide. With the recent addition of many new integrations, ChannelAdvisor now supports over 200 channels. New global integrations include CDON, the leading marketplace in the Nordic region, in Sweden, Norway, Denmark and Finland; Bol.com in Belgium and the Netherlands; Rakuten in France; and The Iconic in Australia. The company also added support for first-party integrations in the U.S. with Ashley Furniture, Belk, Gamestop, Lord & Taylor, Orange Theory and Tanguay.
- Industry leadership: Named a Google Premier Partner Awards finalist in two categories for effective campaigns that drove online sales. ChannelAdvisor is recognized in the Online Sales and Account Team categories, highlighting companies that drive online sales in moments of shopper deliberation and discovery and teams that deliver advertiser growth through best-in-class digital campaigns.
- New customers: ChannelAdvisor recently added notable new customers including Master Lock, Detroit Diesel, Sennheiser, Xiaomi and Natural Balance Pet Foods. ChannelAdvisor also expanded its relationship with customers such as ASICS, Calzedonia and Geox.