HOUSTON ( TheStreet) -- Management software maker BMC ( BMC) missed Wall Street's earnings estimate by a penny despite posting better than expected revenue for its fiscal third quarter after market close on Wednesday.

BMC, which partners with Cisco ( CSCO - Get Report) around cloud computing, posted sales of $540 million, up 6% on the same period last year, and comfortably above analysts' forecast of $528.8 million.

BMC's total bookings were $594 million during the third quarter, an increase of 10% compared to prior year's quarter.

Excluding items, however, BMC earned 79 cents a share, up 4% on the prior year's quarter. Analysts surveyed by Thomson Reuters had predicted earnings of 80 cents a share.

Investors responded negatively to the earnings miss, pushing BMC's shares down $1.70, or 3.53%, to $46.50 in extended trading on Wednesday.

BMC CEO Bob Beauchamp nonetheless pointed to the company's bookings as evidence of its strength.

"Our growth strategy is working very well as we yet again increased our annual bookings outlook, nearly doubling our original bookings growth expectations for the fiscal year," he said in a statement.

The company now expects fiscal 2011 bookings growth in the high single digits, compared to its prior forecast of mid to high single digits.

BMC also reiterated its fiscal 2011 earnings estimate of $2.92 to $3.02, compared to analysts' prediction of $3.00.

--Written by James Rogers in New York.

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