Radware hikes 4th-quarter sales, profit outlook, sending shares climbing to 2-year high
By APMonday, December 28, 2009
Radware boosts 4Q outlook; shares hit 2-year high
NEW YORK — Radware Ltd., which makes network management software, on Monday lifted its fourth-quarter financial guidance, sending shares climbing in morning trading.
The Israeli company said it now expects to earn an adjusted 19 cents to 21 cents per share on $31 million to $32 million in revenue. Previously, it forecast 15 to 16 cents per share on $30 million in revenue.
“We are pleased to report continued momentum in our business with yet another record quarter of sales,” CEO Roy Zisapel said in a statement.
Analysts surveyed by Thomson Reuters are calling for a smaller 15 cents per share on revenue of $30 million, on average. Such estimates are typically adjusted to exclude one-time items.
Shares of Radware rose 75 cents, or 5.3 percent, to $14.97 in morning trading. Earlier in the session, the stock hit a two-year high of $15.49.
