NetScout Systems 3Q profit surges, shares follow
Shares of NetScout Systems Inc., which sells products that gauge computer network performance, rose as much as 7 percent Thursday after the company reported a 41 percent jump in fiscal second-quarter earnings.
It also raised the low end of its earnings guidance for next year.
NetScout made $9.9 million, or 23 cents per share, compared with $7.1 million, of 17 cents per share a year ago. Without out one-time items, NetScout would have made 34 cents per share in the quarter, topping analysts' forecast of 27 cents per share.
Revenue rose 16 percent to $84.5 million, also beating analysts' $81.7 million consensus estimate, according to FactSet.
NetScout said strong bookings boosted its revenue, adding it made "good progress" in the quarter despite "current global economic headwinds."
It now expects to earn between 94 cents and $1 per share for all of fiscal 2013, or adjusted profit, without special items, of $1.24 to $1.30 per share. The low end of the adjusted range was $1.21 previously.
The company maintained its outlook for revenue of $340 million to $355 million.
Analysts expect profit of $1.26 per share on revenue of $349.2 million.
The rise in NetScout shares moderated later in the trading session. The stock was up $1.14, or 4.8 percent, in afternoon trading at $24.76. The day's high was $26.31. It has ranged from $14.10 to $26.59 in the past 52 weeks.