CommVault Systems, Inc. (NASDAQ:CVLT) reported net income above Wall Street’s expectations for the first quarter. CommVault Systems is a provider of data and information management software applications and related services. It develops, markets, and sells a unified suite of data and information management software applications under the Simpana brand.
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CommVault Systems, Inc. Earnings Cheat Sheet
Results: Net income for CommVault Systems, Inc. rose to $10.1 million (21 cents per share) vs. $7 million (15 cents per share) in the same quarter a year earlier. This marks a rise of 43.8% from the year-earlier quarter.
Revenue: Rose 21.6% to $111.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: CommVault Systems, Inc. reported adjusted net income of 30 cents per share. By that measure, the company beat the mean estimate of 17 cents per share. It beat the average revenue estimate of $106.1 million.
Quoting Management: N. Robert Hammer, CommVault’s chairman, president and CEO stated, “We began fiscal year 2013 with a solid first quarter which was highlighted by year-over-year software revenue growth of 24% and Non-GAAP operating income growth of 49%. Our year-over-year software revenue growth of 24% was driven by continued demand for our Simpana nine data and information management software platform across all geographies and strong year-over-year growth in enterprise software deals (transactions greater than $100,000). During the first quarter, we continued to make significant investments to position the company for longer term growth while delivering improved profitability.”
The company has seen double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 28.1%, with the biggest boost coming in the first quarter of the last fiscal year when revenue rose 38% from the year earlier quarter.
The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 15 cents versus a mean estimate of net income of 18 cents per share.
For two consecutive quarters, the company’s net income has risen. In the fourth quarter of the last fiscal year, net income rose more than twofold from the year earlier.
Looking Forward: The average estimate for the second quarter remains unchanged at 16 cents a share. For the fiscal year, the average estimate has been unchanged at 68 cents a share.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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