Shares of Shutterfly have dropped 20% in the past three months since it seriously outshined Wall Street’s second quarter earnings estimate. The online photo-shop company’s CEO Jeff Housenbold says the picture is much prettier than it seems. ‘We are getting swept into the overall market malaise but we anticipate this year being another year of record revenue, record EBITDA and record free cash flow,’ said Housenbold. One area of worry for analysts during the second quarter earnings call was Shutterfly’s consumer business. The consumer business is made up of seven different brands, each one targeting a different niche of the marketplace with a different offering. Housenbold said the concern was unwarranted as the division continues to perform nicely. ‘If you look at the overall percentage growth rate, the Street has us at about 15% for the full year,’ said Housenbold. ‘Our enterprise business has grown quite nicely which is utilizing our assets more effectively and driving incremental free cash flow for our shareholders.’ Housenbold also said he is expecting a lift from Halloween sales as the company heads into the holiday season.
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