Blackbaud Earnings: Net Income Declines for Two Quarters Straight

Blackbaud Inc. (NASDAQ:BLKB) reported its results for the first quarter. Blackbaud is a global provider of software and related services designed specifically for nonprofit organizations.

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Blackbaud Earnings Cheat Sheet for the First Quarter

Results: Net income for Blackbaud Inc. fell to $2.8 million (6 cents per share) vs. $7.3 million (17 cents per share) a year earlier. This is a decline of 62.2% from the year-earlier quarter.

Revenue: Rose 9.3% to $94.7 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Blackbaud Inc. reported adjusted net income of 17 cents per share. By that measure, the company beat the mean estimate of 15 cents per share. Analysts were expecting revenue of $94.2 million.

Quoting Management: “The first quarter was a solid start to 2012. Our Enterprise Business Unit delivered a particularly strong performance, and we continue to gain market share with our Blackbaud CRM offering. Our momentum in the higher education vertical is strong and growing, and our broader-based CRM momentum is being aided by our expanding customer references across each nonprofit vertical,” stated Marc Chardon, Chief Executive Officer of Blackbaud.

Key Stats:

The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 21 cents versus a mean estimate of net income of 24 cents per share.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the second quarter is 22 cents per share, down from 24 cents ninety days ago. For the fiscal year, the average estimate has moved down from $1.01 a share to 95 cents over the last ninety days.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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