Stronger-than-expected demand for checks helped Deluxe Corp.'s first-quarter earnings beat expectations.
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Net income rose 42.5% from the same quarter last year, to $35.2 million, or 68 cents a share, beating the average of analysts' estimates by 14 cents, according to Thomson Financial.
Revenue fell 1.8%, to $403.8 million, the Shoreview, Minn., company said last week.
For this quarter, Deluxe expects to report earnings of 52 to 56 cents a share on revenue of $382 million to $390 million. For the full year, it expects to report earnings of $2.45 to $2.65 a share.
Deluxe said revenue in its direct check unit, which sells to consumers, rose for the first time since 2002. Check sales to banks fell "in the low single digits."
