AVG Technologies Q3 Adj. Profit Tops View; Cuts FY13 Outlook

(RTTNews) - AVG Technologies N.V. (AVG) reported that its third-quarter net income was $4.8 million, or $0.09 per ordinary share, compared to $19.0 million, or $0.35 per ordinary share in the prior year's third quarter.

Non-GAAP adjusted net income for the latest third quarter was $28.8 million, or $0.52 per share, up from $23.4 million, or $0.43 per share in the year-ago period.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.47 for the quarter. Analysts' estimates typically exclude special items.

Revenue was $100.10 million, compared to $95.25 million in the comparable quarter last year, while six analysts expected revenue of $103.00 million for the quarter.

For the fourth quarter of 2013, the company expects its earnings to be in the range of $0.19 to $0.23, non-GAAP earnings to be in the range of $0.37 to $0.42 and revenue to be in the range of $93 million to $97 million. Analysts expect the company to report fourth-quarter profit per share of $0.47 on revenue of $114.31 million.

AVG raised its outlook for fiscal 2013. The company now expects earnings to be in the range of $1.12 to $1.16, non-GAAP earnings in the range of $2.01 to $2.06 and revenue in the range of $398 million to $402 million. Analysts expect the company to report fiscal 2013 profit per share of $2.06 on revenue of $422.01 million.

Earlier, the company expected earnings to be in the range of $1.35 to $1.55, non-GAAP earnings in the range of $2.00 to $2.10 and revenue in the range of $416 million to $427 million.