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.