Fleetmatics Group Q2 Adj. Profit Tops View; Lifts FY14 Adj. EPS Outlook

(RTTNews) - Fleetmatics Group PLC (FLTX) reported that its second-quarter net income declined to $3.2 million or $0.08 per share from $5.7 million or $0.16 per share in the year-ago period.

Adjusted net income for the latest second quarter was $6.8 million or $0.18 per share, compared to $8.3 million or $0.23 per share in the prior-year quarter. On average, eight analysts polled by Thomson Reuters expected the company to report earnings per share of $0.16 for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew 30 percent to $55.27 million from $42.53 million in the year-ago period, while eight analysts had a consensus revenue estimate of $55.07 million for the quarter.

Looking ahead, to the third quarter, Fleetmatics expects adjusted earnings per share in the range of $0.21 to $0.23 and revenue in a range of $58.2 million to $59.5 million. Analysts expect the company to report earnings of $0.22 per share for the quarter on revenue of $58.97 million.

For fiscal 2014, the company raised its adjusted earnings to a range of $0.82 to $0.87 per share from its prior range of $0.80 to $0.85 per share. Analysts now expect earnings of $0.83 per share.

The company continues to expect fiscal 2014 revenue in the range of $228.0 million to $230.0 million. Analysts currently expects the company to report revenue of $228.75 million.