Infoblox Soar 14% As Q4 Results Top Estimates, Rosy Revenue Outlook

(RTTNews) - Shares of Infoblox, Inc. (BLOX) soared more than 14 percent in extended trading on Thursday after the automated network control solutions provider reported results for the fourth quarter that topped analysts' expectations. The company also provided revenue forecast for the first quarter and full-year 2014 above Street view.

The company reported a profit for the quarter compared to a loss last year, reflecting improved margins and strong double-digit revenue growth.

"By all measures, Infoblox had another outstanding quarter and another very strong fiscal year. Revenue in the fourth quarter increased 40% year-over-year and was driven by strong product sales, which were up 52% year-over-year," President and CEO Robert Thomas said in a statement.

Santa Clara, California-based Infoblox reported net income of $1.50 million or $0.03 per share for the fourth quarter, compared to a net loss of $4.35 million or $0.10 per share in the prior-year quarter.

Excluding items, adjusted income for the quarter totaled $7.94 million or $0.14 per share, compared to $0.68 million or $0.01 per share in the year-ago quarter.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.09 per share for the quarter. Analysts' estimates typically exclude special items.

Total net revenues for the quarter increased 40 percent to $63.07 million from $45.08 million in the same quarter last year, and topped nine Wall Street analysts' consensus estimate of $59.42 million.

Products and licenses revenues for the quarter increased to $36.70 million from $24.22 million, and services revenues grew to $26.36 million from $20.86 million last year.

Gross margin for the quarter improved 100 basis points to 78.1 percent from last year's 77.1 percent.

For fiscal 2013, the company reported a net loss of $4.41 million or $0.09 per share, narrower than $8.21 million or $0.40 per share in the prior year. Excluding items, adjusted income for the year was $19.98 million or $0.37 per share, compared to $5.30 million or $0.12 per share in the year ago. Analysts expected the company to report earnings of $0.31 per share for fiscal 2013.

Total net revenues for the full year grew 33 percent to $225.04 million from $169.25 million in the previous year. Street was looking for full-year 2013 revenues of $221.26 million.

Looking ahead to the second quarter, the company expects adjusted earnings in a range of $0.08 to $0.09 per share, on projected net revenues between $62.5 million and $63.5 million. Analysts currently expect earnings of $0.09 per share on quarterly revenues of $61.77 million.

For fiscal 2014, Infoblox currently projected adjusted earnings in the range of $0.44 to $0.55 per share, on anticipated net revenues between $270 million and $276 million. Analysts currently estimate earnings of $0.49 per share on annual revenues of $268.45 million.

"Going forward, we enter fiscal 2014 with significant momentum and expect it to be another year of strong execution," Thomas added.

BLOX closed Thursday's regular trading session at $35.24, up $0.39 or 1.12% on a volume of 0.83 million shares. The stock surged a further $5.08 or 14.42% in after-hours trading.