Concur Technologies Inc. (CNQR) on Wednesday reported a loss for the first quarter as higher costs and expenses offset strong revenue growth. However, adjusted earnings increased and revenue topped analysts' estimates. Looking ahead, the expense management software maker raised its financial outlook for fiscal year 2012. The company's shares gained more than 2 percent in after-hours trading.
The Redmond, Washington-based company's net loss for the first quarter was $868 thousand or $0.02 per share, compared to net income of $3.65 million or $0.07 per share in the year-ago period.
Adjusted pre-tax income for the quarter rose to $17.93 million or $0.32 per share from $16.21 million or $0.30 per share in the prior-year period. On average, 22 analysts polled by Thomson Reuters expected the company to earn $0.19 per share for the quarter.
Revenue for the quarter rose 25 percent to $100.38 million from $80.24 million in the same period last year and topped analysts' consensus estimate of $98.81 million.
Total expenses for the quarter surged to $95.73 million from $71.24 million in the year-ago period.
Looking ahead to the second quarter, the company forecasts adjusted pre-tax earnings per share of $0.28 and revenue to grow about 25 percent year-over-year. Analysts expect the company to earn $0.19 per share for the quarter on revenues of $105.05 million.
For fiscal year 2012, Concur now forecasts adjusted pre-tax earnings per share of $1.27 and revenue growth of 25.5 percent. Earlier, the company forecast pre-tax earnings of $1.25 per share and revenue growth of about 25 percent year-over-year. Analysts expect the company to earn $0.83 per share for the year on revenues of $436.39 million.
CNQR closed Wednesday's trading at $54.04, up $1.69 or 3.23 percent on a volume of 1.12 million shares. In after-hours, the stock further gained $1.21 or 2.24 percent to $55.25.
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