Verint Systems Q2 Profit Misses View, To Buy Back Up To $200 Mln Of Shares; Stock Down

(RTTNews) - Verint Systems Inc. (VRNT) reported that its second quarter net income attributable to common shares was $1.45 million or $0.02 per share compared to a loss of $11.20 million or $0.17 per share in the prior year.

VRNT closed Wednesday's regular trading at $29.87 down $0.31 or 1.03%. In the after-hours trading, the stock further dropped $5.22 or 17.48%.

Non-GAAP earnings were $0.49 compared to $0.48 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the second quarter. Analysts' estimates typically exclude special items.

Revenue for the second quarter was $210 million, flat year-over-year on a reported basis and 3% growth year-over-year as adjusted for the divestiture of quality managed services business on January 31, 2024. Analysts expected revenue of $212.84 million for the quarter.

Looking ahead for the year ending January 31, 2025, the company expects non-GAAP earnings per share to be $2.90 at the midpoint of its revenue guidance, reflecting 6% year-over-year growth. It projects non-GAAP Revenue to be $933 million plus or minus 2%, reflecting 5% year-over-year growth. Wall Street currently is looking for the fiscal year earnings of $2.91 per share on annual revenues of $936.17 million.

The company said its board authorized a new stock repurchase program for the period from August 29, 2024 until August 29, 2026, whereby it may repurchase shares of common stock not to exceed, in the aggregate, $200.0 million during the repurchase period.

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