Quest Software 2nd-quarter profit more than doubles to tops Wall Street estimates
By APTuesday, August 11, 2009
Quest Software’s 2Q results beat expectations
ALISO VIEJO, Calif. —Quest Software Inc. said Monday its second-quarter profit more than doubled to $20.5 million, beating analysts’ expectations, even as revenue fell.
The business software maker said it earned 21 cents per share during the quarter that ended June 30, up from $8.3 million, or 8 cents per share, during the same period last year. Excluding one-time items, the company said it earned 29 cents per share in the latest period.
Revenue fell 5 percent to $164.3 million from $173.4 million a year ago.
Analysts surveyed by Thomson Reuters were expecting a profit of 20 cents per share on revenue of $165.1 million.
Results were helped by a 17 percent drop in operating expenses to $121.9 million. Quest said its cash and investments grew to $331.2 million, up by $20.6 million from the first quarter.
Quest shares rose 86 cents, or 6 percent, to $15.79 in aftermarket trading after the results were released. Previously, they had fallen 26 cents to close at $14.93.
