Red Hat Q2 Results Top Estimates

(RTTNews) - Red Hat, Inc. (RHT), the world's largest seller of Linux software, reported net income for the second quarter of $51.4 million or $0.28 per share, compared to $46.8 million or $0.25 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $87.8 million or $0.47 per share, compared to $78.5 million or $0.41 per share in the prior year quarter.

Total revenue for the second quarter rose 13% to $504.15 million from $445.90 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.44 per share on revenue of $494.65 million for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company forecasts revenue of $519 million to $523 million and adjusted earnings of $0.47 per share. Analysts currently expect the company to earn $0.46 per share on revenue of $513.56 million for the third quarter.

Red Hat said it was raising its full year revenue guidance to a range of $2.034 billion to $2.044 billion. The company forecasts full year adjusted earnings to be in the range of $1.85 to $1.87 per share. Analysts currently expect the company to earn $1.83 per share on revenue of $2.02 billion for the fiscal year 2016.