Veeva Systems Rises As Q1 Earnings, Annual Outlook Above View

(RTTNews) - Shares of Veeva Systems Inc. (VEEV) are rising more than 11% Thursday morning after the cloud-computing company raised its full-year earnings outlook, better than analysts' view. The company's first-quarter earnings also beat the consensus estimates.

For the full year, the company has raised its adjusted EPS guidance to $4.16 from $4.02 provided earlier. It also updated revenue outlook to $2.165 billion- $2.175 billion from $2.160 billion-$2.170 billion.

On average, 20 analysts polled by Thomson Reuters expect the company to report earnings of $4.02 per share on revenue of $2.17 billion for the period.

For the second quarter, Veeva Systems expects revenues to be between $529 million and $531 million, and adjusted EPS between $1.00 and $1.01. The consensus estimate for earnings stands at $0.99 per share and for revenue is at $529.71 million.

The company reported first-quarter net income of $100.1 million or $0.62 per share, lower than $115.6 million or $0.71 per share one year ago, on higher operating cost.

Excluding one-time items, adjusted profit was $159.8 million or $0.99 per share, that beat the consensus estimates at $0.92 per share.

Revenues for the first quarter were $505.1 million, up from $433.6 million one year ago, helped by growth in subscription revenue.

VEEV is at $187.39 currently. It has traded in the range of $152.04-$343.96 in the past 52 weeks.