Manhattan Associates Inc. reported third quarter earnings and revenue – both of which surpassed analysts estimates.
The provider of supply chain and omnichannel technology’s third-quarter net income of $27.1 million (or $0.42 per share), was lower than the year-ago quarter’s $28.5 million (or $0.43 per share last year). Adjusted earnings , however, increased to $0.51 per share (from $0.49 per share last year). Analysts surveyed by Thomson Reuters were expecting earnings of $0.36 per share.
Total revenues for the third quarter increased to $162.3 million (from $142.4 million in the year-ago quarter), thereby beating analysts’ expectation of $151.64 million for the quarter.
License revenues in the quarter increased to $15.5 million (from $11.5 million of year-ago quarter). Cloud subscription revenue climbed to $14.2 million (from $6.5 million a year ago). Service revenue increased to $91.6 million (from $84.1 million in the year-ago quarter).
Looking ahead, Manhattan Associates raised its full-year 2019 adjusted earnings guidance to a range of $1.63 to $1.65 per share (vs. prior guidance of $1.46 to $1.50). The projection is also higher than analysts’ current forecast of $1.48 per share.
The company has projected full-year revenues range of $610 million to $614 million (vs. prior guidance of $598 million to $604 million), which is higher than analysts’ estimate of $600.92 million.