D&B (NYSE: DNB), updated its financial guidance for 2008, which calls for continued growth in the year ahead. In addition, the Company announced three initiatives to drive long-term total shareholder return.
“D&B continues to take action to drive higher levels of growth and total shareholder return, in accordance with our business strategy,” said Steve Alesio, D&B’s Chairman and CEO. “We are pleased with our AllBusiness.com acquisition, which will help us scale our existing Internet business while expanding our ability to meet the needs of professionals doing business on the Web.”
“In addition, we feel good about the underlying strength of our business and our strong free cash flow outlook, which is allowing us to continue to return a significant amount of cash to our shareholders.”
D&B provided updated financial guidance for 2008, which includes the acquisition of AllBusiness.com:
D&B has increased its guidance for core revenue growth to 8% to 10%, before the effect of foreign exchange. This compares with D&B’s previous 2008 core revenue guidance of 7% to 9% growth. The company continues to expect organic revenue growth of 6% to 8%.
D&B reaffirmed its guidance for operating income growth of 8% to 10%, before non-core gains and charges.
D&B expects continued strong free cash flow, with guidance range of US$ 337 million to US$ 352 million, excluding the impact of legacy tax matters.
D&B also announced three initiatives:
- Acquisition of AllBusiness.com for approximately $55 million (commentary next page)
- New Two-Year, $400 Million Share Repurchase Program: repurchase program to be completed by January 2008.
- Cash Dividend Increased
Source: D&B Press Release