CommVault says strong demand helps 4Q
CommVault Systems Inc. reported Tuesday that its fiscal fourth-quarter profit soared thanks to major revenue gains by the data and information management software company.
The OceanPort, N.J.-based company earned $17 million, or 35 cents per share, for the quarter that ended March 31. That compares to $9.8 million, or 21 cents per share, in the same quarter last year. Excluding one-time items it earned 41 cents on an adjusted basis.
Revenue increased 21 percent to $138.3 million.
The results exceeded Wall Street expectations. Analysts polled by FactSet estimated earnings of 34 cents per share on revenue of $133.9 million.
CommVault CEO N. Robert Hammer said that a number of large software deals and strong demand both domestically and internationally helped the company during the quarter. He also said the company is well positioned for fiscal 2014 with the release of a new software product called Simpana 10.
CommVault shares fell 18 cents to $77.64 in afternoon trading. Earlier in the session the stock hit a new 52-week high of $88.14.