Business software maker Verint Systems Inc. (VRNT), Wednesday reported an increase in profit for the fourth quarter, driven mainly by revenue growth and lower product costs. Both earnings and revenues for the quarter trumped analysts' estimates. Shares are currently up about five percent in after hours trade, following the news.
Verint Systems, which makes enterprise software and surveillance equipments, said its fourth-quarter profit improved to $21.9 million or $0.50 per share from $13.4 million or $0.34 per share last year.
Excluding special items, earnings rose to $0.91 per share from $0.75 per share last year. On average, ten analysts polled by Thomson Reuters expected earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude one-time items.
Verint's fourth-quarter revenues grew to $228.96 million from $211.99 million last year. Analysts on a consensus estimated revenues of $226.28 million for the quarter.
Costs of product revenues dropped to $29.1 million from $36.7 million last year, while service and support costs increased to $39.7 million from $33.4 million last year.
For the year ending January 31, 2014, the company expects earnings of $2.75 per share plus or minus 5 cents, and revenues to increase between 6 and 7 percent. Analysts currently expect earnings of $2.78 per share on revenues of $905.01 million for the year.
Chief Executive Dan Bodner said, "We believe we are well positioned for long-term growth in both the enterprise and security intelligence markets due to our broad product portfolio and strong competitive position."
VRNT closed Wednesday's trading at $34.83, down $0.22 or 0.63%, on the Nasdaq. In after hours, the stock rose $1.72 or 4.94%.
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