Manhattan Associates Boosts 2014 Outlook As Q1 Results Top Estimates

(RTTNews) - Software company Manhattan Associates, Inc. (MANH) reported Tuesday a profit for the first quarter that increased from last year, reflecting revenue growth across operating segments and regions. Both adjusted earnings per share and quarter revenues topped analysts' expectations. The company also raised its earnings and revenue guidance for the full-year 2014.

"We're very pleased with our performance in the first quarter of 2014. Across the board we executed well serving our customers, extending our supply chain commerce market leadership position and delivering record financial performance," President and CEO Eddie Capel said in a statement.

The Atlanta, Georgia-based supply chain commerce solution provider, reported net income of $18.71 million or $0.24 per share for the first quarter, higher than $13.36 million or $0.17 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $20.14 million or $0.26 per share, compared to net income of $14.59 million or $0.19 per share in the year-ago quarter.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the quarter increased to a record of $113.56 million from $96.60 million in the same quarter last year, and topped three Wall Street analysts' consensus estimate of $106.43 million.

Software license revenues grew to $17.11 million from $14.25 million, services revenue increased to $86.91 million from $74.89 million, as well as hardware and other revenues improved to $9.54 million from $7.47 million last year.

Region-wise, the Americas revenues grew to $91.36 million from $79.82 million, EMEA revenue increased to $15.68 million from $11.43 million, and APAC revenues improved to $6.53 million from $5.35 million in the prior-year quarter.

Looking ahead to fiscal 2014, the company raised its adjusted earnings guidance to a range of $1.06 to $1.08 per share from the prior forecast in the range of $1.01 to $1.03 per share. Total revenues are also now projected between $460 million and $465 million, up from the previous expectation between $450 million and $455 million.

Street is currently looking for full-year 2014 earnings of $1.02 peer share on annual revenues of $452.48 million.

"In the new omni-channel world of Supply Chain Commerce, we continue to experience solid demand for our products and innovation. We will continue to strive to enhance our market position and improve our financial results throughout 2014 and beyond," Capel added.

MANH closed Tuesday's regular trading session at $34.25, up $0.46 or 1.36% on a volume of 0.62 million shares. The stock gained a further $1.95 or 5.69% in extended hours trading.