Enterprise infrastructure software maker Citrix Systems Inc. (CTXS) on Wednesday reported an almost 5 percent increase in profit for the fourth quarter on higher revenues. Both earnings per share and revenue beat analysts' estimates.
Looking ahead, Citrix forecast revenue for the first quarter and fiscal 2013 mostly above analysts' expectations. Shares of the company gained more than 10 percent in extended trade.
The Fort Lauderdale, Florida-based company's product and license revenue for the quarter increased 17 percent to $268.67 million, while software as a service revenue increased 18 percent to $135.42 million.
Revenue from license updates and maintenance rose 22 percent to $302.98 million, professional services revenue, which is comprised of consulting, product training and certification, grew 20 percent to $32.92 million.
Citrix's fourth-quarter net income was $114.03 million or $0.60 per share, up from $108.70 million or $0.58 per share in the year-ago period.
Excluding items, adjusted earnings were $169.35 million or $0.90 per share, compared with adjusted earnings of $147.21 million or $0.78 per share in the same period last year. On average, thirty four analysts polled by Thomson Reuters expected the company to report earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude special items.
Total net revenues for the quarter grew 19 percent to $740.00 million from $619.37 million in the same period last year and beat analysts' consensus estimate of $705.73 million.
Deferred revenue at the end of the quarter totaled $1.2 billion, up 25 percent from $960 million at the end of the prior-year period.
For fiscal year 2012, Citrix's net income declined to $352.55 million or $1.86 per share from $356.32 million or $1.87 per share in the previous year. Adjusted net income rose to $543.24 million or $2.87 per share from $472.79 million or $2.48 per share last year.
Revenues for the year increased 17 percent to $2.59 billion from $2.21 billion in the prior year.
Analysts expected the company to earn $2.81 per share for the year on revenues of $2.55 billion.
Looking ahead to the first quarter, Citrix projects earnings of $0.31 to $0.33 per share, adjusted earnings of $0.62 to $0.63 per share and net revenue in a range of $670 million to $680 million. Analysts currently expect earnings of $0.67 per share for the quarter on revenues of $670.72 million.
For fiscal year 2013, Citrix forecasts net earnings of $1.91 to $1.95 per share, adjusted earnings of $3.12 to $3.15 per share, and revenues of $2.95 billion to $2.98 billion. Street estimates earnings of $3.14 per share for the year on revenues of $2.91 billion.
CTXS closed Wednesday's trading at $66.98, down $1.75 or 2.55 percent on a volume of 4.31 million shares. However, in after-hours, the stock gained $7.08 or 10.57 percent to $74.06.
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