Monster Profit Beats Expectations

Monster Worldwide Inc. (MNST) Tuesday reported a higher quarterly profit due to strong demand for Internet job-hunting on its (search) site.

The New York-based company also said earnings in the current quarter will top analysts' expectations due to rising sales at the Monster division and lower expenses.

"We have seen strength in the first quarter, the second quarter, the third quarter and we continue to see some strength in the fourth quarter," Monster Chairman and Chief Executive Andrew McKelvey told Reuters.

The New York-based company posted a third-quarter net profit of $20 million, or 17 cents a share diluted, compared with $12.2 million, or 11 cents a share diluted in the year-earlier quarter.

In July, Monster said it expected to earn 16 cents a share.

Sales in the quarter rose 33 percent to $227.1 million from $170.8 million last year, driven by strong results in the Monster business, improvements in the company's advertising and communications business in North America and contributions from acquisitions.

Analysts had expected Monster to earn 16 cents a share on sales of $223.6 million, according to Reuters Estimates.

Monster said it expects fourth-quarter earnings of 19 cents a share, compared with analysts' expectations for 18 cents according to Reuters Estimates.