Check Point Software Technologies Ltd. (CHKP: Quote) on Monday said its first-quarter profit climbed 18 percent driven by higher revenues. Adjusted earnings per share as well as top line beat Wall Street estimates.
Gil Shwed, founder, chairman, and chief executive officer of Check Point, said, "I am very pleased with our strong start to the 2012 calendar year. Check Point delivered record first quarter results with good growth across all of our key financial metrics. The growth was driven by our latest network security appliances and the continued strength of our annuity software blades."
For its first quarter, net income climbed 18 percent to $143.63 million from last year's $122.09 million. Earnings per share grew 19 percent to $0.68 from $0.57 a year ago. Adjusted earnings, which excluded certain items, increased 14 percent to $156.9 million from $137.1 million a year ago and earnings per share grew 16 percent to $0.74 from $0.64 last year.
On average, 27 analysts polled by Thomson Reuters expected earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude one-time items.
Total revenue amounted to $313.12 million, a 11 percent increase from $281.27 million in 2011, beating Wall Street analysts' consensus estimate of $312.81 million.
Operating margin grew to 55 percent from last year's 50 percent and adjusted operating margin improved to 60 percent from 57 percent a year earlier.
As of March 31, 2012, Check Point had deferred revenues of $542.2 million, an increase of 18 percent from last year's $460.4 million.
Check Point shares closed Friday's trading at $64.05, up $0.19 or 0.30 percent.
by RTT Staff Writer
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