Fortinet Inc (FTNT) Adj. Earnings 3 Cents Above Estimates

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Fortinet Inc (NASDAQ:FTNT) posted better-than-expected quarterly results after hours today.

Fortinet Inc (FTNT)The company reported fourth-quarter earnings at a loss of $28.96 million, or 17 cents per share, below the year-ago net income of $25.17 million, or 14 cents per share. Earnings were hit hard by a one-time tax expense related to the changes in the U.S. tax code which set Fortinet back $63 million, or 36 cents per share.

On an adjusted basis, the company earned 32 cents per share. Analysts surveyed by FactSet were calling for adjusted earnings of 29 cents per share for the period. Revenue came in at $416.7 million, topping the year-ago mark of $362.8 million. Wall Street was calling for revenue of $409.1 million, per FactSet.

Fortinet posted earnings of $31.4 million for the year, or 18 cents per share, while revenue for the year was $1.49 billion.

The company said it expects revenue in the range of $387 million to $393 million for the fiscal first quarter. Analysts surveyed by Zacks Investment Research had expected revenue of $390.7 million.

For the first quarter, Fortinet predicts it will bring in adjusted earnings in the range of 21 cents to 22 cents per share on revenue of $390 million. Analysts are calling for revenue of $390.7 million, per Zacks.

For the full-year 2018, the company forecasts earnings to be in the range of $1.30 to $1.32 per share, while revenue is projected to be in the range of $1.7 billion to $1.72 billion.

FTNT stock gained 0.4% after the bell Monday.


Article printed from InvestorPlace Media, https://investorplace.com/2018/02/fortinet-inc-ftnt/.

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