30.10.2014 00:37:41
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SS&C Technologies Q3 Profit Down
(RTTNews) - SS&C Technologies Holdings Inc. (SSNC), Wednesday reported a drop in profit for the third quarter, despite revenue growth.
The Windsor, Connecticut-based company's third-quarter profit dropped to $40.8 million or $0.47 per share from $43.5 million or $0.51 per share last year.
Adjusted earnings for the quarter rose to $0.61 per share from $0.52 per share last year. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.58 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the third quarter rose 7.3 percent to $192.6 million from $179.5 million last year. Analysts had a consensus revenue estimate of $192.72 million for the quarter.
SS&C continues to perform and during Q3 we closed two large and complex fund administration deals - a testament to the dedication and persistence of our team. We continue to see momentum in Q4 and have already sold services to two of the world's largest asset managers this quarter, with significant cross-sell and up-sell potential," said CEO Bill Stone.
Moving ahead, the company expects fourth-quarter adjusted income of $53.3 million to $54.7 million on adjusted revenues of $193 million to $199 million. Analysts currently estimate revenues of $197.6 million for the quarter.
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