Fortinet Q4 Profit Down

(RTTNews) - Fortinet (FTNT) reported that its GAAP net income for the fourth quarter of 2019 decreased to $115.2 million or $0.66 per share, from $182.6 million or $1.04 per share last year.

Non-GAAP net income per share was $0.76, compared to $0.59 in the previous year. Total revenue was $614.4 million, an increase of 21% from $507.0 million last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share and revenues of $602.57 million for the fourth-quarter. Analysts' estimates typically exclude special items.

For the first quarter of 2020, the company expects non-GAAP net income per share to be in the range of $0.50 to $0.52, and revenue of $555 million to $565 million.

Analysts expect the company to report earnings of $0.55 per share and revenues of $556.5 million for the first-quarter.

For the fiscal year 2020, Fortinet expects non-GAAP net income per share to be in the range of $2.70 to $2.73, and revenue of $2.525 billion to $2.555 billion. Wall Street currently is looking for fiscal year 2020 earnings of $2.72 per share on annual revenues of $2.47 billion.