Veeva Results Top Estimate, Again Lifts FY Outlook; Stock Up 8%

(RTTNews) - Veeva Systems Inc (VEEV), a provider of cloud-based software for the life sciences industry, Tuesday reported third-quarter net earnings to stockholders of $10.2 million or $0.07 per share compared with $6.4 million or $0.05 per share last year.

Excluding items, adjusted earnings for the quarter were $0.09 per share compared with $0.06 per share a year ago.

Revenues for the quarter were $83.8 million compared with $55 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.08 per share on revenues of $79 million for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter, the company expects adjusted earnings of $0.08 to $0.09.per share on revenues of $84.5 to $85.5 million. Analysts expect earnings of $0.07 per share on revenues of $81.6 million.

For the full year, Veeva now projects adjusted earnings of $0.33 to $0.34 per share on revenues of $310.7 million to $311.7 million. It earlier expected earnings of $0.30 to $0.31 per share on revenues of $300 million and $303 million.

Analysts expect earnings of $0.31 per share on revenues of $302.9 million for the year.