Citrix Systems, Inc. (CTXS) Wednesday reported a decline in profit for the first quarter, hurt mainly by lower margins. Both adjusted earnings and revenues came in below analysts' expectations. The company has also lowered the adjsuted earnings outlook for its fiscal 2013.
Net income for the quarter dropped to $59.69 million or $0.32 per share from $68.27 million or $0.36 per share.
Adjusted earnings for the quarter was $117 million or $0.62 per share. On average, 32 analysts polled by Thomson Reuters expected the company to earn $0.63 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $672.99 million, up 14 percent from $589.50 million last year. Analysts expected revenues of $676.90 million.
Cost of revenues increased to $114.91 million from $86.34 million last year. Operating expenses totaled $501.38 million, up from $422.40 million last year.
Looking ahead to the second quarter, the company has forecast earnings in the range of $0.31 to $0.32 per share, with adjusted earnings in the order of $0.62 to $0.63 per share.
Revenues are projected in the range of $705 million to $715 million. Analysts currently expect second-quarter earnings of $0.70 per share and revenues of $711.48 million.
For the fiscal year 2013, the company currently targets earnings in the range of $1.91 to $1.95 per share, with adjusted earnings in the order of $3.08 to $3.11 per share. The company earlier forecast adjusted earnings in the range of $3.12 to $3.15 per share.
Revenues are expected to range between $2.95 billion and $2.98 billion. Analysts currently expect the company to report full-year earnings of $3.14 per share on revenues of $2.97 billion.
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