NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) once again outperformed the analysts' forecasts for the second quarter, and is raising its 2017 profit forecast. NICE provides solutions for managing customer relations and risks.
NICE's revenue grew 36% to $312 million in the second quarter (the corresponding quarter last year was before NICE's acquisition of InContact, completed in late 2016). Cloud computing contributed $84.6 million to NICE's quarterly revenue, while the company's net accounting profit fell from $25.4 million in the second quarter of 2016 to $20.4 million in the second quarter of this year. Non-GAAP net profit, excluding various accounting expenses, amounted to $56 million, 17% more than in the corresponding quarter last year. Net profit per share was $0.90, $0.03 more than the analysts' forecasts.
NICE's revenue grew 35.8% to $617 million in the first half of 2017, while its non-GAAP net profit was up 14% to $111 million. NICE expects non-GAAP revenue to amount to $315-325 million in the third quarter, and net profit of $0.89-0.95 per share. The analysts' forecast was close to the lower limit of the company's forecast. For 2017 as a whole, NICE continues to expect $1.33-1.354 billion in revenue, while raising its profit per share forecast from $3.85-4.05 to $3.90-4.10.
"Consisting growth and better profit margins have led our financial results in recent years," said NICE Systems CEO Barak Eilam. "The momentum continued in the second quarter, with strong results in both the top and bottom line. Our good results were also reflected in cash flow from current activities of more than $200 million in the first half of 2017."
NICE's cash and cash equivalents totaled $360 million at the end of the second quarter. The company's market cap is $4.5 billion.
Published by Globes [online], Israel Business News - www.globes-online.com - on August 3, 2017
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