Ultimate Software Q2 Profit Tops View - Quick Facts

(RTTNews) - Ultimate Software (ULTI) Tuesday reported second-quarter net income of $4.9 million or $0.17 per share, compared to $2.7 million or $0.09 per share in the comparable quarter last year.

Adjusted earnings for the quarter was $9.7 million, or $0.34 per share, up from $5.9 million or $0.21 per share in the year-ago quarter. On average, 21 analysts polled by Thomson Reuters expected the company to earn $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues were $97.47 million, up from $79.18 million in the prior year period. Analysts expected revenues of $97.17 million. Recurring revenues increased 25 percent to $80.75 million from $64.65 million last year.

Looking ahead to the third quarter, the company projects total revenues of about $103.0 million, with recurring revenues of about $84.0 million. Analysts currently expect third-quarter revenues of $102.45 million.

For the fiscal year 2013, the company continues to anticipate total revenues and recurring revenues to grow by 23 percent and 25 percent, respectively.