Tibco 4Q profit, sales rise; bright 1Q outlook
Business software provider Tibco Software Inc. said Wednesday that fiscal fourth-quarter net income increased 38 percent on strong sales growth, and forecast better-than-expected revenue for the current quarter.
The Palo Alto, Calif., company, whose software helps companies manage their internal data, said it expanded its business with several clients during the three months ended on Nov. 30. CEO Vivek Ranadivé said demand for the company's newer products was growing fast.
Shares rose 95 cents, or 4.3 percent, to $22.95 in after-hours trading after closing down $1.56, or 6.6 percent, at $22 during the trading day.
Profit attributed to Tibco's shareholders rose to $51.9 million, or 30 cents per share, from $37.5 million, or 22 cents per share, a year ago. Revenue increased 20 percent to $289.5 million from $241.2 million.
The company said that after stripping out costs for stock-based compensation for employees, costs related to acquisitions and other one-time items, earnings per share totaled 42 cents.
Analysts polled by FactSet had expected earnings of 35 cents per share on revenue of $281.4 million.
Tibco will work in 2012 to expand its sales coverage and broaden its client base, said CEO Vivek Ranadivé in a statement.
The company said it expects adjusted earnings of 18 to 19 cents per share on revenue of $220 million to $225 million.
Analysts were expecting earnings of 19 cents per share on revenue of $216.2 million for the quarter ending in February.
For all of fiscal 2011, Tibco posted net income of $112.4 million, or 65 cents per share, on revenue of $920.2 million.