Israeli information security ocmany Check Point Software Technologies Ltd. (Nasdaq: CHKP) reported its financial results for the third quarter today. The company managed to beat analysts' estimates on both revenue and earnings.
Revenue for the quarter totaled $370 million, representing an 8% over the corresponding period last year. Non-GAAP operating profit was $215 million, representing 58% of revenue. Non-GAAP earnings per share were $0.93, representing a 9% increase over the corresponding period, when earnings per share were $0.85. The analysts' consensus was for earnings per share of $0.91 on revenue of $367.1 million.
Check Point co-founder and CEO Gil Shwed said, "The third quarter represented another great quarter with results coming in at the high-end of our projections. We continued to deliver double-digit growth in our combined products and software blades revenues. Growth was driven by demand for our data center and enterprise security appliances and next generation threat prevention software blades."
On a GAAP basis, third quarter net profit was $161 million, compared with $160 million in the third quarter of 2013. GAAP earnings per diluted share were $0.84, compared with $0.80 in the third quarter of 2013. Cash flow from operations was $202 million, compared with $195 million in the third quarter of 2013. During the third quarter of 2014, the company repurchased 2.8 million shares at a total cost of $192 million.
For the fourth quarter, Check Point's guidance is similar to the analysts' consensus estimate. It sees revenue of $395-410 million, and non-GAAP earnings per share of $0.99-1.09, or $189-208 million net profit in total. This will bring Check Point's revenue for 2014 as a whole to $1.47-1.505 billion, and its profit to $695-714 million, or $3.64-3.74 per share, a little above its original guidance.
Published by Globes [online], Israel business news - www.globes-online.com - on October 23, 2014
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