SS&C Technologies Plunges on Lower Sales, Earnings Guidance

Shares of investment management software and services provider SS&C Technologies plunge after the company reported second-quarter earnings that match Wall Street forecasts but offers up lower sales and earnings guidance.
By M. Corey Goldman ,

Shares of investment management software and services provider SS&C Technologies (SSNC) - Get Report plunged nearly 20% on Tuesday after the company reported second-quarter earnings that met Wall Street forecasts but offered up lower sales and earnings guidance for the remainder of the year.

Shares of SS&C fell 19.22%, or $11.47, to $48.22 in trading on Tuesday after the company posted adjusted second-quarter net income of $241 million, or 91 cents a share, vs. $153.8 million, or 62 cents a share, in the year-earlier quarter.

The results matched the average forecast of analysts surveyed by FactSet. Revenue came in at $1.5 billion, above the $1.2 billion expected by analysts.

Disappointing investors, however, was the company's lowered earnings and revenue guidance.

SS&C now expects full-year adjusted net income of between $947.5 million and $988.5 million, below its previous guidance of full-year adjusted net income of between $992 million to just over $1 billion.

Full-year revenue is now expected to be between $4.57 billion and $4.63 billion, below its previous forecast of between $4.68 billion and $4.78 billion.

SS&C provides investment management software and services including accounting software, business process management and client communication data management services.

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