Guidewire Software Q3 Results Top Estimates

(RTTNews) - Guidewire Software, Inc. (GWRE) reported a net loss for the third quarter of $1.4 million or $0.02 per share, compared to $2.7 million or $0.05 per share for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was $7.6 million or $0.11 per share, compared to $2.0 million or $0.03 per share in the prior year quarter.

Total revenue for the third quarter rose 20% to $82.04 million from $68.25 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.03 per share on revenue of $78.70 million for the third quarter. Analysts' estimates typically exclude special items.

"Our third quarter results exceeded our expectations for both revenue and profitability," said Marcus Ryu, chief executive officer, Guidewire Software. "New customer wins, expansions of existing relationships, and several major implementation go-lives all represented progress in our mission to be the global Property/Casualty insurance industry's premier technology partner in the replacement of its obsolete legacy core systems."