Fleetmatics Q4 Profit Rises, Guides Q1, FY14 EPS Below View - Update

(RTTNews) - Fleetmatics Group PLC (FLTX), a provider of fleet management solutions, Thursday reported increased profit for the fourth quarter, supported by higher revenues. However, the company sees first-quarter and full year earnings below Street view. The stock plunged around 25 percent in the extended trade.

Net income increased to $16.24 million from $4.56 million last year. Earnings per share rose to $0.42 compared to $0.14.

Adjusted earnings were $0.23 per share for the quarter, while it totaled $ 0.19 last year.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.23 for the quarter. Analysts' estimates typically exclude special items.

Subscription revenue climbed 39.8 percent to $50.1 million from $35.82 million for the fourth quarter of 2012. Analysts expected revenue of $49.05 million for the quarter.

Total operating expenses climbed to $30.32 million from $19.93 million in the prior year, amid higher expenses for Sales and marketing as well as General and administrative expenses.

Jim Travers, CEO, said, ''The fourth quarter marked a strong finish to the year, driven by continued market demand and the strong value proposition of our comprehensive software-as-a-service fleet management solution to SMBs."

The company expects its first-quarter Non-GAAP earnings per share in the range of $0.14 to $0.16 and total revenue to be in the range of $51.0 million to $52.5 million. Analysts expect the company to report first-quarter profit per share of $0.25 on revenue of $51.66 million.

The company expects its full year 2014 Non-GAAP earnings per share to be between $0.80 and $0.85. Total revenue is estimated to be in the range of $228.0 million to $230.0 million. Analysts expect the company to report full year 2014 profit per share of $1.12 on revenue of $227.93 million.

FLTX closed down 0.9 percent on Thursday at $39.95 and plunged 24.66 percent in the extended trade.