Qlik Technologies Up 4% As Q4 Results Top Estimates, But Gives Weak EPS Outlook

(RTTNews) - Shares of Qlik Technologies, Inc. (QLIK) gained nearly four percent in extended trading on Thursday after the data analytics software maker reported results for the fourth quarter that topped analysts' expectations.

The company reported a profit for the fourth quarter that declined from last year, despite record revenues, reflecting higher provision for income taxes. However, the company provided earnings and revenue guidance for the first quarter and fiscal 2014, well below Street view.

"We are pleased with our results for the fourth quarter which came in above the high end of our expectations for both revenue and non-GAAP operating income. We saw continued strength in the enterprise, leveraged our global reach and scale and made additional advances across our portfolio of products and solutions," CEO Lars Björk said in a statement.

The Radnor, Pennsylvania-based company reported net income of $8.28 million or $0.09 per share for the fourth quarter, lower than $13.27 million or $0.15 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $28.46 million or $0.31 per share, compared to $22.66 million or $0.26 per share in the year-ago quarter.

On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter grew 18 percent to $161.80 million from $137.49 million in the same quarter last year, and topped eighteen Wall Street analysts' consensus estimate of $158.23 million. Total revenue grew 17 percent on a constant currency basis.

License revenue for the quarter increased 10 percent to $103 million, maintenance revenue grew 31 percent to $45.69 million, and professional services revenue surged 43 percent to $12.98 million from last year.

On a constant currency basis, total revenue in the Americas increased 26 percent, total revenue from Europe rose 9 percent and total revenue from the rest of world grew 29 percent.

During the fourth quarter, Qlik Technologies completed 208 deals with license and first year maintenance over $100,000, including 55 deals over $250,000, compared to 177 deals over $100,000 and 52 deals over $250,000 in the prior-year quarter.

For fiscal 2013, the company reported a net loss of $9.98 million or $0.11 per share, compared to net income of $3.84 million or $0.04 per share in the prior year. Excluding items, adjusted net income for the year was $23.60 million or $0.26 per share, compared to $23.61 million or $0.27 per share in the year ago.

Total revenue for the full year grew 21 percent to $470.45 million from $388.54 million in the previous year.

Analysts expected the company to report full-year 2013 earnings of $0.25 per share on annual revenues of $467.02 million.

Looking ahead to the first quarter, Qlik Technologies forecast adjusted loss in a range of $0.14 to $0.12 per share, on projected revenues between $110 million and $114 million. Analysts currently expect the company to report a loss of $0.05 per share on quarterly revenues of $113.15 million.

For fiscal 2014, the company anticipates adjusted earnings in the range of $0.23 to $0.27 per share, on projected revenues between $545 million and $555 million. Street is currently looking for full-year 2014 earnings of $0.41 per share on annual revenues of $550.35 million.

"Our full year 2014 guidance reflects our confidence in our ability to continue to disrupt the BI market and increase the value we deliver to our global customer base. We plan to continue to invest in our products, partners, sales and services teams which we believe will drive growth, extend our leading role in this space and increase market share over time," Bjork added.

QLIK closed Thursday's regular trading session at $27.92, up $0.50 or 1.82% on a volume of 2.57 million shares. The stock gained a further $1.08 or 3.87% in after-hours trading.