FORTINET Stock Monitor: QAD Inc. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / November 30, 2017 / Active-Investors free earnings report on Fortinet, Inc. (NASDAQ: FTNT) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=FTNT. Fortinet reported its third quarter fiscal 2017 operating results on October 26, 2017. The network security Company exceeded top- and bottom-line expectations and also provided guidance for the upcoming quarter and fiscal year. Register today and get free access to our complimentary member's area where many more reports are available:
www.active-investors.com/registration-sg
Active-Investors.comis currently working on the research report for QAD Inc. (NASDAQ: QADA), which also belongs to the Technology sector as the Company Fortinet. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/?symbol=QADA
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Fortinet most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/?symbol=FTNT
Earnings Highlights and Summary
For the third quarter ended September 30, 2017, Fortinet's total revenue surged 18% to $374.2 million compared to revenue of $316.6 million in Q3 2016. The Company's revenue topped analysts' expectations of $371 million.
During Q3 2017, Fortinet's GAAP operating income was $33.7 million, representing a GAAP operating margin of 9% compared to GAAP operating income of $5.5 million; representing a GAAP operating margin of 2% in Q3 2016. The Company's non-GAAP operating income for the reported quarter was $70.0 million, reflecting non-GAAP operating margin of 19%. Fortinet's non-GAAP operating income was $45.9 million for Q3 2016, representing non-GAAP operating margin of 15%.
For Q3 2017, Fortinet's GAAP net income was $26.6 million, or $0.15 per diluted share, compared to GAAP net income of $6.3 million, or $0.04 per diluted share, in Q3 2016. The Company's non-GAAP net income was $50.5 million, or $0.28 per diluted share, in the reported quarter versus non-GAAP net income of $32.2 million or $0.18 per diluted share for the year earlier quarter. Fortinet's earnings beat Wall Street's estimates of $0.23 per share.
Operating Results
Fortinet's Product revenue for Q3 2017 was $137.1 million, reflecting an increase of 7% compared to revenue of $128.0 million in Q3 2016. The Company's Service revenue for the reported quarter surged 26% to $237.1 million compared to $188.7 million in the prior year's corresponding quarter. Fortinet's total billings were $431.7 million for Q3 2017, an increase of 24% compared to $347.5 million in Q3 2016.
The Company's total deferred revenue was $1.22 billion as of September 30, 2017, compared to $934.8 million as of September 30, 2016, and $1.16 billion as of June 30, 2017. Fortinet's short-term deferred revenue was $734.3 million as of September 30, 2017, compared to $582.1 million as of September 30, 2016, while long-term deferred revenue totaled $484.6 million as of September 30, 2017, compared to $352.6 million as of September 30, 2016.
Cash Matters
As of September 30, 2017, Fortinet's cash, cash equivalents, and investments were $1.52 billion compared to $1.46 billion as of June 30, 2017. During Q3 2017, the Company's cash flow from operations was $162.3 million compared to $76.1 million in Q3 2016. Fortinet's free cash flow was $140.6 million during Q3 2017 compared to $70.2 million in the year ago same period; representing growth of more than 100%.
During Q3 2017, Fortinet repurchased 2.4 million shares of its common stock for a total purchase price of $90.8 million. In addition, in October 2017, Fortinet's Board of Directors approved an increase of $400.0 million in the current share repurchase authorization, bringing the total authorization to $1.0 billion.
Guidance
For Q4 2017, Fortinet is forecasting revenue in the range of $404.0 million to $412.0 million and billings in the band of $510.0 million to $525.0 million. The Company is expecting non-GAAP gross margin of 75% to 76% and non-GAAP operating margin in the range of 18% to 19%. Fortinet is estimating diluted non-GAAP earnings per share between $0.28 to $0.30.
For FY17, Fortinet is projecting revenue in the range of $1.48 billion to $1.49 billion and billings between $1.77 billion to $1.79 billion. The Company is expecting diluted non-GAAP earnings per share in the range of $1.00 to $1.02.
Stock Performance Snapshot
November 29, 2017 - At Wednesday's closing bell, Fortinet's stock declined 1.71%, ending the trading session at $41.44.
Volume traded for the day: 1.14 million shares.
Stock performance in the last month ? up 4.91%; previous three-month period ? up 9.51%; past twelve-month period ? up 37.04%; and year-to-date ? up 37.58%
After yesterday's close, Fortinet's market cap was at $7.18 billion.
Price to Earnings (P/E) ratio was at 86.51.
The stock is part of the Technology sector, categorized under the Application Software industry.
Stock Monitor: QAD Inc. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / November 30, 2017 /
Active-Investors free earnings report on Fortinet, Inc. (NASDAQ: FTNT) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=FTNT. Fortinet reported its third quarter fiscal 2017 operating results on October 26, 2017. The network security Company exceeded top- and bottom-line expectations and also provided guidance for the upcoming quarter and fiscal year. Register today and get free access to our complimentary member's area where many more reports are available:
www.active-investors.com/registration-sg
Active-Investors.comis currently working on the research report for QAD Inc. (NASDAQ: QADA), which also belongs to the Technology sector as the Company Fortinet. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/?symbol=QADA
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Fortinet most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/?symbol=FTNT
Earnings Highlights and Summary
For the third quarter ended September 30, 2017, Fortinet's total revenue surged 18% to $374.2 million compared to revenue of $316.6 million in Q3 2016. The Company's revenue topped analysts' expectations of $371 million.
During Q3 2017, Fortinet's GAAP operating income was $33.7 million, representing a GAAP operating margin of 9% compared to GAAP operating income of $5.5 million; representing a GAAP operating margin of 2% in Q3 2016. The Company's non-GAAP operating income for the reported quarter was $70.0 million, reflecting non-GAAP operating margin of 19%. Fortinet's non-GAAP operating income was $45.9 million for Q3 2016, representing non-GAAP operating margin of 15%.
For Q3 2017, Fortinet's GAAP net income was $26.6 million, or $0.15 per diluted share, compared to GAAP net income of $6.3 million, or $0.04 per diluted share, in Q3 2016. The Company's non-GAAP net income was $50.5 million, or $0.28 per diluted share, in the reported quarter versus non-GAAP net income of $32.2 million or $0.18 per diluted share for the year earlier quarter. Fortinet's earnings beat Wall Street's estimates of $0.23 per share.
Operating Results
Fortinet's Product revenue for Q3 2017 was $137.1 million, reflecting an increase of 7% compared to revenue of $128.0 million in Q3 2016. The Company's Service revenue for the reported quarter surged 26% to $237.1 million compared to $188.7 million in the prior year's corresponding quarter. Fortinet's total billings were $431.7 million for Q3 2017, an increase of 24% compared to $347.5 million in Q3 2016.
The Company's total deferred revenue was $1.22 billion as of September 30, 2017, compared to $934.8 million as of September 30, 2016, and $1.16 billion as of June 30, 2017. Fortinet's short-term deferred revenue was $734.3 million as of September 30, 2017, compared to $582.1 million as of September 30, 2016, while long-term deferred revenue totaled $484.6 million as of September 30, 2017, compared to $352.6 million as of September 30, 2016.
Cash Matters
As of September 30, 2017, Fortinet's cash, cash equivalents, and investments were $1.52 billion compared to $1.46 billion as of June 30, 2017. During Q3 2017, the Company's cash flow from operations was $162.3 million compared to $76.1 million in Q3 2016. Fortinet's free cash flow was $140.6 million during Q3 2017 compared to $70.2 million in the year ago same period; representing growth of more than 100%.
During Q3 2017, Fortinet repurchased 2.4 million shares of its common stock for a total purchase price of $90.8 million. In addition, in October 2017, Fortinet's Board of Directors approved an increase of $400.0 million in the current share repurchase authorization, bringing the total authorization to $1.0 billion.
Guidance
For Q4 2017, Fortinet is forecasting revenue in the range of $404.0 million to $412.0 million and billings in the band of $510.0 million to $525.0 million. The Company is expecting non-GAAP gross margin of 75% to 76% and non-GAAP operating margin in the range of 18% to 19%. Fortinet is estimating diluted non-GAAP earnings per share between $0.28 to $0.30.
For FY17, Fortinet is projecting revenue in the range of $1.48 billion to $1.49 billion and billings between $1.77 billion to $1.79 billion. The Company is expecting diluted non-GAAP earnings per share in the range of $1.00 to $1.02.
Stock Performance Snapshot
November 29, 2017 - At Wednesday's closing bell, Fortinet's stock declined 1.71%, ending the trading session at $41.44.
Volume traded for the day: 1.14 million shares.
Stock performance in the last month ? up 4.91%; previous three-month period ? up 9.51%; past twelve-month period ? up 37.04%; and year-to-date ? up 37.58%
After yesterday's close, Fortinet's market cap was at $7.18 billion.
Price to Earnings (P/E) ratio was at 86.51.
The stock is part of the Technology sector, categorized under the Application Software industry.
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