Amdocs’ stock hit a new 52-week-high on July 30 after the company reported fiscal third-quarter financial results that topped Wall Street expectations.
The software and services provider saw shares climb to $61.46 on July 30 before closing up 3.1 percent at $58.22. Overall, shares are up nearly 26% since the beginning of the year – trading at $46.22 on Jan. 2.
Amdocs (DOX) on July 29 reported fiscal third-quarter net income of $107.8 million, or 69 cents per share. Earnings, adjusted for one-time gains and costs, were 84 cents per share. While net income was down slightly from the prior year’s quarter, it was still higher than expected.
The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 82 cents per share, according to the Associated Press.
The global software solutions provider notched revenue of $907.9 million in the period, also beating Wall Street estimates. Five analysts surveyed by Zacks expected $907.3 million.
Amdocs expects full-year earnings to range from 79 cents to 85 cents per share, with revenue between $915 million and $955 million.
Eli Gelman, president and CEO of Amdocs Management Ltd., said in a prepared statement: “We enter our fourth fiscal quarter with a strong win rate for the year to date. Uncertainty persists as a result of consolidation activity in our key markets, but our competitive position remains strong and we expect to benefit once trends improve.”
