Verint Systems Q4 Profit Down

(RTTNews) - Enterprise software provider Verint Systems, Inc. (VRNT) on Wednesday reported a plunge in profit for the fourth quarter, hurt largely by higher expenses. Both earnings and revenues for the quarter fell short of analysts' expectations.

Melville, New York-based Verint's fourth-quarter profit dropped to $4.6 million or $0.07 per share from $22.9 million or $0.42 per share last year.

Adjusted earnings for the quarter were $1.06 per share, up from $0.91 per share last year. On average, nine analysts polled by Thomson Reuters expected earnings of $1.15 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter were $311.7 million, up from $255.7 million last year. Analysts had a consensus revenue estimate of $314.9 million for the quarter.

Looking forward to the fiscal year ending January 31, 2016, the company now expects adjusted earnings of $3.55 to $3.75 per share and revenues of $1.2 billion to $1.25 billion. Analysts currently estimate earnings of $3.76 per share on revenues of $1.25 billion for the year.

Earlier, Verint issued a preliminary forecast for adjusted earnings of $3.65 to $3.85 per share on revenues of $1.225 billion to $1.275 billion.