The company, which makes software for investment management firms, earned 38 cents per share on $100.4 million in revenues last quarter, a 4.5% revenue increase year-over-year. Analysts polled by Thomson Reuters expected Advent to earn 34 cents per share on $97.8 million in revenues. Advent issued third quarter revenue guidance between $99 million and $102 million, in line with analysts’ expectation of $101.8 million. Its full year revenue guidance of $395 million to $403 million is also in line with the current $398.8 consensus.
"We are pleased to report that Advent had an excellent second quarter with record revenues, robust profitability, and growing operating cash flow," said CEO Pete Hess in the press release. "Increasing demand for Advent's solutions, including Advent Direct Investor Management, and continued client loyalty are evidence of our strong competitive position."
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Advent ended the quarter with $41 million in cash, down from $45 million last quarter. It reduced its outstanding debt to $280 million from $295 million last quarter.
Shares of Integrated Device Technology (IDTI) shot up 12.8% to $15.26 after reporting earnings that exceeded expectations.
For the first quarter of its 2015 fiscal year, which ended June 29, IDT reported revenues of $126.3 million, up 6.5% from last quarter and 7.5% year-over-year. Analysts were expecting revenues of $124.97. The company earned 17 cents per share, up from 14 cents last quarter and 7 cents one year ago. Analysts expected 16 cents per share.