Broadsoft Inc. (NASDAQ: BSFT) reported stronger-than-expected fiscal first quarter results on Monday. The Company also provided earnings strong full-year guidance and boosted its earnings outlook on the current quarter, sending shares soaring 8.26% in extended trading hours.
For the fiscal first quarter, the Gaithersburg-based Company, which provides software and services enabling wireless, fixed-line and cable service providers to carry unified communications (UC) and other voice and multimedia services over their IP networks, reported adjusted or Non-GAAP earnings of 18 cents a share compared to year-earlier earnings of 29 cents a share. Revenue for the period rose 3.4% to $39.60 million. Analysts’ consensus estimate was for earnings of 11 cents a share on revenue of $38.61 million.
Commenting over the results, Broadsoft President and CEO, Michael Tessler, said in a statement, “I am pleased with both our financial performance and the progress we made against our strategic objectives in the first quarter.”
For the current quarter, Broadsoft anticipates adjusted earnings to be in the range of 15 cents to 25 cents a share.
Looking ahead at fiscal 2013, the Company expects adjusted earnings to be in the range of $1.10 a share to $1.35 a share while analysts’ consensus estimate is at $1.23 a share, according to a data compiled by Thomson Reuters. Revenue is expected between $181 million and $189 million, which is in-line with Street’s consensus forecast of $184.19 million.
Meanwhile analysts at Deutsche Bank initiated their coverage on the stock on Monday. The firm set a price target of $26 a share with a “hold” rating. However, analysts at Northland Securities slashed their rating on the stock to “market perform” from “outperform” on Monday. Earlier on March 26, research analysts at Raymond James boosted their rating on the stock to “market perform” from “underperform”.
Currently, six equity research firms maintain “hold” rating on the stock while five analysts have issued “buy” rating. On average, research firms maintain “hold rating” with a price target of $33.63 a share.
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