Veeva Systems Q1 Profit Rises; Lifts FY14 Outlook - Quick Facts

(RTTNews) - Veeva Systems Inc. (VEEV) Thursday reported first-quarter net income attributable to Class A and Class B common stockholders of $7.1 million or $0.05 per share, compared to $0.9 million or $0.03 per share in the comparable quarter last year.

Adjusted earnings for the quarter were $10.2 million or $0.07 per share, up from $5.1 million or $0.05 per share in the year-ago period. On average, six analysts polled by Thomson Reuters expected the company to earn $0.05 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased 56% to $66.72 million from $42.79 million last year. Analysts expected revenues of $63.40 million.

Looking ahead to the second-quarter, the company expects adjusted earnings of $0.07 per share and revenues in the order of $68.5 million to $69.5 million. Analysts currently expect the company to earn $0.06 per share on second-quarter revenues of $66.39 million.

For fiscal 2014, the company now expects adjusted earnings in the range of $0.26 to $0.28 per share and revenues in the order of $277 million to $282 million. Analysts currently expect fiscal year 2014 earnings of $0.24 per share on revenues of $275.51 million.

Earlier, the company expected adjusted earnings in the range of $0.23 to $0.25 per share and revenues in the order of $270 million to $275 million.