Verint Q2 Results Top Estimates, Boosts 2014 Outlook

(RTTNews) - Enterprise software provider Verint Systems, Inc. (VRNT) reported Thursday a net loss for the second quarter compared to a profit last year, hurt by higher charges and operating. Both adjusted earnings per share and adjusted revenues topped analysts expectations. The company also raised its earnings and revenue guidance for the full-year 2014.

"We are pleased with our second quarter revenue of $285 million, and diluted earnings per share of $0.72, both on a non-GAAP basis. Our financial results, market leadership and double digit revenue growth have made us more optimistic about the year, and we are raising our annual guidance for the second time this year," President and CEO Dan Bodner said in a statement.

Verint provides analytic software and hardware for the security, surveillance, and business intelligence markets.

The Melville, New York-based company posted a net loss of $12.28 million or $0.21 per share for the second quarter, compared to net earnings of $17.54 million or $0.33 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $41.79 million or $0.72 per share, compared to $37.36 million or $0.70 per share in the year-ago quarter.

On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter were $276.82 million, up from $222.44 million last year, and adjusted revenues grew to $284.73 million from $222.78 million in the same quarter last year, and topped nine Wall Street analysts' consensus estimate of $270.88 million.

Operating expenses for the quarter increased to $162.79 million from $118.58 million in the year-ago quarter.

Looking ahead to fiscal 2014, the company raised its adjusted earnings guidance to a range of $3.35 to $3.50 per share from prior forecast of $3.30 to $3.50 per share. The company also now projects adjusted revenues between $1.125 billion and $1.175 billion, up from the earlier guidance of $1.11 billion to $1.16 billion.

Street is currently looking for full-year 2014 earnings of $3.39 per share on annual revenues of $1.14 billion.

"Our focus on actionable intelligence solutions combined with our on-going innovation across all of our market areas, including new growth markets such as Cyber Security, positions us well for long-term growth," Bodner added.

VRNT closed Thursday's regular trading session at $51.10, up $0.37 or 0.73% on a volume of 0.55 million shares. The stock added a further $1.35 or 2.64% in after-hours trading.