Fortinet Inc. (NASDAQ:FTNT) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.64%.
Fortinet Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 16.67% to $0.1 in the quarter versus EPS of $0.12 in the year-earlier quarter.
Revenue: Rose 14.3% to $147.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Fortinet Inc. reported adjusted EPS income of $0.1 per share. By that measure, the company missed the mean analyst estimate of $0.1. It beat the average revenue estimate of $142.73 million.
Quoting Management: “Our ability to meet or exceed billings, revenue and profitability expectations during the second quarter against challenging conditions in some markets and geographies highlights the breadth and diversity of Fortinet’s business,” said Ken Xie, founder, president and chief executive officer. “While we will continue to move forward cautiously due to the ongoing macro uncertainty, we feel confident that the combination of our strong competitive advantages and product superiority positions us well for continued growth and market share gains.”
Key Stats (on next page)…
Revenue increased 8.53% from $135.82 million in the previous quarter. EPS decreased 0% from $0.10 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.14 to a profit $0.13. For the current year, the average estimate has moved down from a profit of $0.52 to a profit of $0.49 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)