AP NEWS

Fortinet: 2Q Earnings Snapshot

August 1, 2018

SUNNYVALE, Calif. (AP) _ Fortinet Inc. (FTNT) on Wednesday reported second-quarter profit of $49.3 million.

On a per-share basis, the Sunnyvale, California-based company said it had profit of 28 cents. Earnings, adjusted for one-time gains and costs, were 41 cents per share.

The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.

The network security company posted revenue of $441.3 million in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $425.5 million.

For the current quarter ending in October, Fortinet expects its per-share earnings to range from 41 cents to 43 cents.

The company said it expects revenue in the range of $445 million to $455 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $430.8 million.

Fortinet expects full-year earnings in the range of $1.63 to $1.67 per share, with revenue ranging from $1.77 billion to $1.79 billion.

Fortinet shares have climbed 48 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $64.60, a rise of 76 percent in the last 12 months.

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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

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