Ultimate Software (ULTI) Tuesday reported first-quarter profit of $4.5 million or $0.16 per share, up from $1.0 million or $0.04 per share in the same period last year.
Adjusted earnings for the quarter was $9.2 million, or $0.32 per diluted share. On average, 21 analysts polled by Thomson Reuters expected the company to earn $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues totaled $97.9 million, up from $78.28 million last year. Analysts expected revenues of $97.92 million. Recurring revenues increased 28 percent to $78.1 million from $60.87 million last year.
Looking ahead to the second quarter, the company projects total revenues of about $97.0 million, with recurring revenues of approximately $81.0 million. Analysts currently expect second-quarter revenues of $98.26 million.
For the fiscal year 2013, the company anticipates total revenues and recurring revenues to grow by 23 percent and 25 percent, respectively, over last year.
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