Amdocs Q2 Results Top Estimates

(RTTNews) - Amdocs Ltd. (DOX) reported net income for the second quarter of $110.4 million or $0.68 per share, compared to $104.9 million or $0.64 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $131.9 million or $0.81 per share, compared to $119.3 million or $0.73 per share in the prior year quarter.

Second quarter revenue rose 7.7% to $896.9 million from $832.9 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.78 per share on revenue of $890.29 million for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company forecasts revenue of $885 million to $915 million, earnings of $0.61-$0.69 per share and adjusted earnings of $0.75-$0.81 per share. Analysts currently expect the company to earn $0.80 per share on revenue of $899.11 million for the third quarter.

The company said its board of directors has authorized a share repurchase plan allowing the repurchase of up to $750 million of ordinary shares at the company's discretion. The plan has no expiration date and is in addition to the current authorization program, which, as of March 31, provided up to $167 million of remaining repurchase authority.