Nuance Updates Earnings Outlook; Announces $500 Mln Share Buyback

(RTTNews) - Nuance Communications, Inc. (NUAN) announced, for 2018, non-GAAP diluted EPS is now expected in a range of $1.11 to $1.15 per share, an increase of $0.01 at the mid-point from its prior guidance range of $1.09 to $1.15 per share, and inclusive of an estimated $0.01 benefit as a result of share repurchases to date. Nuance reiterated its expectations for 5% to 7% net new bookings growth and guided to approximately 3% organic revenue growth for fiscal year 2018, consistent with the midpoint of its prior guidance of 2% to 4% organic revenue growth.

Nuance also announced its Board of Directors has authorized an incremental share repurchase program of up to $500 million, as well as a $150 million debt repayment.

For the third-quarter, non-GAAP net income was $79.6 million, or $0.27 per diluted share, compared to non-GAAP net income of $79.2 million, or $0.27 per diluted share, in the third quarter of fiscal year 2017. Non-GAAP revenue was $506.0 million as reported, up 2% compared to $495.6 million in the third quarter of fiscal year 2017. Organic revenue grew 1% in the quarter to $506.0 million from $502.8 million in the prior year period.