SolarWinds posts higher 2Q profit, revenue
SolarWinds Inc. said Wednesday that its profit surged about 64 percent in the second quarter as the provider of information technology management software saw revenue hit a new quarterly record.
The results outpaced Wall Street's expectations and the company's shares vaulted more than 9 percent in after-hours trading.
SolarWinds reported net income of $13.6 million, or 18 cents a share, for the three months ended June 30. That compares with net income of $8.3 million, or 11 cents a share, in the same quarter last year.
Excluding stock-based compensation expenses and other one-time costs, SolarWinds' earnings for the latest quarter amounted to 22 cents a share.
Analysts' consensus forecast called for earnings of 20 cents a share, according to FactSet.
Revenue grew 29 percent to $45.8 million from $35.5 million a year earlier. Analysts were expecting $44.3 million in revenue.
The company said license revenue climbed 22 percent to $21.1 million, while maintenance revenue increased 36 percent to $24.8 million.
For the third quarter, SolarWinds anticipates revenue will range from $50.5 million to $52.5 million. Analysts are projecting $50 million in revenue.
The company expects full-year revenue will range from $191.5 million to $196 million. Analysts are calling for $189.3 million in revenue.
SolarWinds shares rose $2.01 to $23.30 in aftermarket trading. They gained 46 cents, or 2.2 percent, to $21.29 during the regular session.