Earnings Roundup: ADBE, RHT, JBL, FUL, PRGS
Tuesday, June 22, 2021 6:29 PM

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Adobe Systems Inc. (NASDAQ: ADBE) said Tuesday that its second-quarter rose 18% from last year, helped by successful launch of its flagship Creative Suite 5 software package. Net income rose to $148.6 million or 28 cents a share, from $126 million or 24 cents a share in the year-ago quarter. Adjusted earnings totaled 44 cents a share in the latest quarter. Revenue climbed to $943 million from $704.7 million. Analysts, on average, expected the company to report earnings of 43 cents per share on revenue of $905.91 million. For the third quarter of fiscal 2010, Adobe is targeting revenue of $950 million to $1 billion. The company's operating margin is targeted to be 25.5 percent to 27.5 percent on a GAAP basis, and 36 percent to 37 percent on a non-GAAP basis. These targets lead to a third quarter diluted earnings per share target range of 32 cents to 37 cents on a GAAP basis, and an earnings per share target range of 46 cents to 50 cents on a non-GAAP basis. Analysts currently expect the company to report adjusted earnings of 48 cents per share on revenue of $958.69 million for the quarter.

"Record revenue and our strong Q2 financial performance were driven by the successful launch of Creative Suite 5," said Shantanu Narayen, president and CEO of Adobe. "Our growth is being fueled by the explosion of digital content across all media and devices."

Adobe shares fell 1.99% to $32.11 in extended trading.

Red Hat Inc. (NYSE: RHT) reported Tuesday its fiscal first-quarter net income climbed to $24.1 million, or 12 cents a share, from $18.5 million, or 10 cents a share, in the comparable quarter last year. Excluding one-time items, Red Hat would have earned 18 cents a share. Adjusted earnings totaled 18 cents a share in the latest quarter. Revenue grew 20% to $209 million. Revenue rose 20% to $209 million. Analysts, on average, expect the company to report earnings of 18 cents per share on revenue of $202.89 million.

"We had a strong start to our fiscal year with 20% organic revenue growth and 28% non-GAAP operating income growth," stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. "We executed well and achieved a significant increase in the number of large deals booked year-over- year, including several with an initial consulting component which we believe is a positive indicator of new project spending and future subscription billings."

Shares of Red Hat dropped 0.68% to $30.65 in post-market trading.

Jabil Circuit, Inc. (NYSE: JBL) said late Tuesday that it swung to a fiscal third-quarter profit of $52 million, or 24 cents a share, compared with a loss of $28.8 million, or 14 cents a share, in the prior-year quarter. Core earnings for the latest quarter jumped to $86.7 million from $8.5 million a year earlier. Revenue surged to $3.46 billion from $2.62 billion. Analysts, on average, expected the company to report earnings of 18 cents per share on revenue of $202.89 million. Jabil estimated that its core operating income for its fourth quarter of fiscal 2010 will grow 9 to 21 percent sequentially, ranging from 3.8 to 4.0 percent of net revenue. Jabil indicated that it expects its core earnings per share for its fourth quarter of fiscal 2010 to improve 13 to 25 percent sequentially, ranging from $0.45 to $0.50 per diluted share. GAAP earnings per share are expected to be in a range from $0.28 to $0.34 per diluted share. Analysts currently expect earnings of 38 cents per share on revenue of $3.37 billion.

"Growth is accelerating and we now expect fiscal 2010 to be a record year for Jabil in terms of revenue and earnings," said Timothy L. Main, President and CEO. "We believe the company is uniquely well positioned for sustained growth and positive financial performance."

Jabil shares soared 8.54% to $14.75 in after-hours trading.

H. B. Fuller Co. (NYSE: FUL) reported that its fiscal second quarter net income fell to $11.0 million or 22 cents per share, from $17.6 million, or 36 cents per share, in the same quarter last year. Adjusted earnings totaled $19.5 million or $0.39 per share in the latest quarter. Revenue rose 16% to $347.91 million from $299.19 million. Analysts, on average, expected the company to report earnings of 38 cents per share on revenue of $329.98 million. Looking ahead, the company said that it expects net revenue to grow between 10 and 12 percent for the full-year. 

"We are very pleased with our performance in the second quarter and the progress we are making in improving our growth profile. In the second quarter, our organic sales trend continued to strengthen and organic sales expanded twice as fast as in the previous quarter," said Michele Volpi, H.B. Fuller president and chief executive officer. "H.B. Fuller has not achieved this level of growth in a very long time. After several years of declines in organic sales, we are pleased to be on the path towards generating consistent positive organic growth."

Progress Software Corp. (NASDAQ: PRGS) on Tuesday reported that its second quarter net income surged to $19.1 million, or 43 cents per share, compared to $6.9 million or 17 cents per share, in the corresponding period last year. Adjusted earnings jumped to $26.3 million or 59 cents per share, from $16.1 million or 39 cents per share in the same quarter last year. Revenue increased 9% to $127.7 million from $117 million. Analysts, on average, expected the company to report earnings of 54 cents per share on revenue of $130 million. 

Richard D. Reidy, president and chief executive officer of Progress Software, said: "We grew total non-GAAP revenue by nine percent and increased revenue in our high-growth Enterprise Business Solutions portfolio, which includes the recently announced Progress(R) Responsive Process Management(TM) (RPM) suite, by 39 percent year-over-year. Additionally, our Application Development Platforms group, which includes the Progress OpenEdge(R) SaaS platform, grew by nine percent year-over-year. The company's solid top line growth, coupled with disciplined expense management, were key factors in generating an increase in our non-GAAP earnings per share by 51 percent during the quarter."

Shares of the company slumped 6.35% to $29.50 in evening trade.

Disclosure: Author doesn’t own any of the stocks discussed here.

 

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