Verint Systems Inc. (VRNT), a customer experiences automation company, Wednesday reported higher net earnings in its third quarter with income tax benefits and sales growth. Adjusted earnings beat analysts' estimates. Pre-tax profit, meanwhile, was lower than last year.
Looking ahead to fiscal 2025, the company maintained its outlook for higher results, while earnings are expected to be below market estimates.
Following the results, Verint shares gained 22.22 percent in the after-hourse trading. In pre-market activity, the shares are currently trading at $32.00, up by 23.22 percent.
For the third quarter, net income attributable to the company increased to $28.71 million or 39 cents per share from $12.61 million or 12 cents per share in the prior year. Benefits from income taxes amounted to $10.67 million, compared to provision of $12.93 million a year ago.
However, adjusted earnings per share reduced to $39.20 million or 54 cents per share from $47.98 million or 65 cents per share in the prior year.
Seven analysts polled by Thomson-Reuters expected the company to report a profit of 43 cents per share. Analysts' estimates typically exclude one-time items. Net revenue surpassed the previous year's mark by 3 percent to $224.19 million from $218.54 million. The results reflected unbundled Saas renewal revenue coming in earlier than the expected fourth quarter arrival, causing a $14 million surge in revenue from the guidance. Moving forward, for the fiscal year 2025, the profit is still expected to be $2.90 per share, lower by a cent from the analyst estimate. The company projects 6% year-over-year growth in earnings.
The company continues to expect net revenue of $933 million, plus or minus 2%, reflecting 5% year-over-year growth, and aligning with analyst estimates.
During the upcoming investor day on January 14, the company plans to present AI business outcomes and to review financial models. The company also said to issue guidance for the year 2026.
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