IT security solutions provider, Check Point Software Technologies Ltd. (CHKP) Monday reported a rise in fourth-quarter profit, reflecting a 17 percent growth in revenues. Earnings per share and revenues exceeded analysts' consensus estimates. For the fourth quarter, the Israel-based company's net income grew 25 percent to $137.41 million from $109.53 million in the previous year. Earnings per share were $0.64, up 25 percent from $0.51 per share in the prior year. Results for the quarter included stock-based compensation of $8.47 million and amortization of intangible assets totaling $13.11 million. Excluding items, net income for the quarter was $156.2 million, up 21 percent from $129.46 million reported last year. Adjusted earnings were $0.73 per share, higher than $0.61 per share a year ago.
On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share for the quarter. Analysts' estimate typically excludes one-time items.
For the immediately preceding third quarter, the company's net income was $114.52 million or $0.54 per share.
Total revenue for the quarter grew 17 percent to $318.51 million from $272.12 million in the same quarter last year. Twenty-three analysts estimated revenues of $305.98 million for the quarter. For the third quarter, the company reported revenues of $273.19 million. Revenues from Products and licenses for the recent quarter increased to $143.06 million from $120.2 million in the prior year. Software updates, maintenance and services generated revenues of $175.45 million, up from $151.92 million a year earlier. Gil Shwed, chairman, and chief executive of the company said, "Our exceptional performance was driven by demand for our network security products, which is a market in which we continued to gain share. We also extended our market reach with our Intrusion Prevention System (IPS), Data Loss Prevention (DLP) and Mobile Access Software Blades." For the full year, the company posted net income of $452.83 million or $2.13 per share, compared to a net income of $357.52 million or $1.68 per share in the prior year. Annual revenues grew to $1.1 billion from $924.42 billion in the preceding year. CHKP closed Friday's regular trading at $46.22 on the Nasdaq.
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