Thursday, data integration software provider Informatica Corp. (INFA) reported higher net income and revenue for the third quarter, which handily beat Street expectations.
The Redwood City, California-based company's third-quarter net income increased to $16.2 million or $0.17 per share from $13.4 million or $0.14 per share a year ago.
On a non-GAAP basis, third-quarter net income rose to $22.3 million or $0.22 per share from $18.9 million or $0.19 per share in the prior-year quarter. On average, 14 analysts polled by Thomson Reuters estimated earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.
Non-GAAP results exclude charges and tax benefits related to the amortization of acquired technology and intangible assets, facilities restructurings, purchased in-process research and development, patent contingency accrual reversals, and share-based payments.
Third-quarter revenue climbed 8% to $123.4 million from $113.8 million recorded in the third quarter of 2008. Analysts expected revenue of $119.46 million for the quarter.
Segment wise, license revenues increased to $49.98 million from $45.8 million, while service revenue rose to $73.41 million from $67.97 million.
Income from operations for the quarter was up 26% to $22.3 million from $17.7 million in the third quarter of 2008.
For the nine-month period, net income increased to $39.2 million or $0.41 per share from $36.1 million or $0.38 per share in the similar period of 2008. Revenue for the period increased 6% to $349.8 million from $331.3 million last year.
INFA closed Thursday's regular trading at $22.57, up $0.31 or 1.39%, on a volume of 2.30 million shares on the Nasdaq.
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