Veeva Results Top Estimates, Lifts FY Guidance; Stock Down 5%

(RTTNews) - Veeva Systems Inc (VEEV), a cloud-based software maker, on Thursday reported first-quarter net earnings of $13 million or $0.09 per share compared with $7.1 million or $0.05 per share last year.

Excluding items, adjusted earnings for the quarter were $0.12 per share compared with $0.07 per share a year ago.

Revenues for the quarter were $89.9 million compared with $66.7 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.10 per share on revenues of $87.9 million for the quarter. Analysts' estimates typically exclude special items.

For the second quarter, the company expects adjusted earnings of 0.11 per share on revenues of $95 million to $96 million. Analysts expect earnings of $0.11 per share on revenues of $95.6 million.

For the full year 2016, the company now expects adjusted earnings of $0.45 to $0.46 per share on revenues of $393 million to $397 million. Earlier it expected earnings of $0.43 to $0.45 per share on revenues of $390 million to $395 million.

Analysts expect earnings of $0.44 per share on revenues of $395.2 million for the year.