Cognyte Software Q2 Adj. Net Income Declines, Raises Earnings Guidance - Quick Facts

(RTTNews) - Cognyte Software Ltd. (CGNT) said its second quarter results came in ahead of its expectations. Looking forward, the company increased its annual outlook for profitability.

Second quarter non-GAAP earnings per share declined to $0.17 from $0.29, last year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.15, for the quarter. Analysts' estimates typically exclude special items. Non GAAP net income to company declined to $11.2 million from $19.0 million.

On a GAAP basis, gross profit was $83.9 million, up 14.3% from a year ago. The company reported breakeven per share compared to profit of $0.07.

Non-GAAP revenue was $116.38 million, up 9.5% from a year ago. Analysts expected revenue of $115.57 million, for the quarter. GAAP revenue was $116.0 million, up 10.4%. For the year ending January 31, 2022, on a non-GAAP basis, the company projects: earnings per share of $0.82, and revenue of $490 million (with a range of plus/minus 2%). Analysts expect the company to report profit per share of $0.80 on revenue of $489.98 million.

For the third quarter, on a non-GAAP basis, the company expects: earnings per share to be $0.10, and revenue to be in a range of $112 million to $117 million. Analysts expect the company to report profit per share of $0.19 on revenue of $123.93 million.

Shares of Cognyte Software were down 7% in pre-market trade on Monday.