AP NEWS

Fortinet: 4Q Earnings Snapshot

February 6, 2019

SUNNYVALE, Calif. (AP) _ Fortinet Inc. (FTNT) on Wednesday reported fourth-quarter net income of $182.6 million, after reporting a loss in the same period a year earlier.

The Sunnyvale, California-based company said it had profit of $1.04 per share. Earnings, adjusted for one-time gains and costs, were 59 cents per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.

The network security company posted revenue of $507 million in the period, also exceeding Street forecasts. Eleven analysts surveyed by Zacks expected $495.5 million.

For the year, the company reported profit of $332.2 million, or $1.91 per share. Revenue was reported as $1.8 billion.

For the current quarter ending in April, Fortinet expects its per-share earnings to range from 37 cents to 39 cents.

The company said it expects revenue in the range of $465 million to $475 million for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $468.4 million.

Fortinet expects full-year earnings in the range of $2.05 to $2.10 per share, with revenue ranging from $2.06 billion to $2.1 billion.

Fortinet shares have risen 15 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $81.22, a climb of 75 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FTNT at https://www.zacks.com/ap/FTNT

AP RADIO
Update hourly