Arbitron (NYSE:ARB) said Wednesday its fourth quarter profits jumped 24%, beating analyst estimates, as it continued to roll out its Portable People Meter (PPM) radio ratings service.
The Maryland-based company, which helps advertisers to analyze radio listeners, reported a net income of $15.6 million, or 57 cents per diluted share. Analysts had predicted a net income of 51 cents a share.
For the year-ago period, the company earned $12.6 million, or 47 cents per diluted share, which included a one-time tax benefit of 17 cents per diluted share.
Meanwhile, revenues rose 10% year-over-year to $111.7 million, mainly due to the roll out of its PPM radio ratings service. Analysts had expected $109.58 million of revenues.
Net income for the full year was $44.5 million, or $1.64 per diluted share, compared with $42.2 million or $1.58 per diluted share in 2009. Revenue was $395.4 million, up from $385 million.
Looking ahead, CEO of Arbitron, William T. Kerr, said the company will "work to enter new markets by further developing our capabilities in cross-platform services, as well as in media and marketing analytics."
"We believe we can continue to invest appropriately in the quality of our services while increasing margins," he added.
Arbitron also reiterated its 2011 revenue and earnings guidance. It expects revenue to grow between six percent and eight percent and earnings per diluted share to be between $1.90 and $2.05. The company's shares have soared 74% in the past year.