Dynatrace Q1 Results Top Estimates, Issues Q2 View, Lifts FY24 Forecast; Stock Down In Premarket

(RTTNews) - Software intelligence company Dynatrace, Inc. (DT) reported Wednesday that its first-quarter net income surged to $38.19 million or $0.13 per share from last year's $2.11 million or $0.01 per share.

Adjusted net income was $79.05 million or $0.27 per share, compared to last year's $51.84 million or $0.18 per share.

Total revenue grew to $332.89 million from $267.27 million last year.

On average, 25 analysts polled by Thomson Reuters expected earnings of $0.22 per share on revenues of $326.93 million for the quarter. Analysts' estimates typically exclude special items.

Further, Dynatrace issued guidance for the second quarter, expecting adjusted net income of $77 million to $81 million or $0.26 to $0.27 per share. Total revenue are expected to be between $343 million and $346 million. The Street expects earnings of $0.25 per share on revenues of $338.6 million for the quarter.

For fiscal 2024, the company now expects adjusted income of $309 million to $320 million, higher than previous estimate of $295 million to $307 million.

Adjusted earnings per share are now projected in the range of $1.03 to $1.06, up from earlier expected range of $0.98 to $1.02.

The company now expects annual revenues of $1.40 billion to $1.42 billion, compared to $1.39 billion to $1.41 billion expected earlier.

Analysts forecast the company to record earnings of $1 per share on revenues of $1.4 billion for the year.

In pre-market activity on the NYSE, the shares were trading at $51.53, down 6.63 percent.

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