Concur Technologies Q4 Results Top Estimates, But Guides Q1, 2013 Below View

(RTTNews) - Expense management software maker Concur Technologies, Inc. (CNQR) reported Wednesday a loss for the fourth quarter that narrowed from last year, reflecting lower income tax expenses and revenue growth. Both adjusted earnings per shares and quarterly revenues topped analysts' expectations. The company also provided earnings as well as revenue growth guidance for the first quarter and full-year 2013, below Street view.

The Redmond, Washington-based integrated travel and expense management solutions provider reported a net loss of $7.53 million or $0.13 per share for the fourth quarter, narrower than $8.21 million or $0.15 per share in the prior-year quarter.

Excluding items, adjusted pretax income for the quarter was $23.09 million or 0.39 per share, compared to $23.10 million or 0.40 per share in the year-ago quarter.

On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $156.92 million from $117.88 million, and adjusted revenues increased 31 percent to $154.16 million from the same quarter last year, and topped twenty-one Wall Street analysts' consensus estimate of $152.13 million by a whisker.

Operating margin for the quarter expanded 40 basis points to 2.2 percent, while adjusted operating margin contracted 430 basis points to 16.6 percent from a year ago.

Income tax expense for the quarter dropped to $0.43 million from $5.72 million in the prior-year quarter.

For fiscal 2013, the company reported a net loss of $24.39 million or 0.44 per share, wider than $7.01 million or $0.13 per share in the prior year. Excluding items, adjusted pretax income for the year was $76.32 million or 1.33 per share, compared to $78.71 million or 1.39 per share in the year ago.

Revenue for the year grew to $545.80 million from $439.83 million, and adjusted revenues grew 23.5 percent to $543 million from last year.

Analysts were looking for fiscal 2013 earnings of $0.86 per share on revenues of $541.02 million.

Looking ahead to the first quarter, the company expects adjusted pre-tax earnings of $0.19 per share, on projected adjusted revenue growth of about 27 percent. Analysts expect the company to report earnings of $0.27 per share on quarterly revenues growth of 28.1 percent to $157.29 million.

For fiscal 2014, Concur forecasts adjusted pre-tax earnings of at least $0.93 per share on anticipated adjusted revenue growth of about 26 percent amid continued global momentum. Street is currently looking for full-year 2014 earnings of $1.21 per share on annual revenue growth of 26.5 percent to $684.64 million.

"With our stated long-term revenue growth rate of 25%, crossing the $1 billion annual run rate is within our sight. To serve our customers in the decades ahead, we are investing to deliver on our vision of the Perfect Trip and to drive greater efficiency into the corporate travel supply chain," Chairman and CEO Steve Singh said in a statement.

CNQR closed Wednesday's regular trading session at $103.89, up $0.76 or 0.74% on a volume of 0.92 million shares.