SAN FRANCISCO -- Revenue growth at Advent Software (ADVS) drove a jump in first-quarter profit, the company reported Tuesday.
The San Francisco-based business software company said revenue rose 28% to $61.5 million. Analysts had projected revenue of $60.1 million, according to Thomson Financial.
Net income jumped to $2.6 million, or 9 cents a share, from $429,000, or 2 cents a share, during the same quarter a year ago, when the company had restructuring expenses of $562,000. Analysts were expecting 10 cents a share.
Revenue growth was driven by sales of Advent Portfolio Exchange software for the financial services sector, according to the company.
The stock was up 75 cents, or 1.7%, to $44.30 in recent after-hours trading.
Advent projected second-quarter revenue of $61 million to $63 million and EPS, less items, of 17 cents to 20 cents. Analysts were expecting a top line of $61.6 million and earnings of 12 cents a share, less special items.
For the full year, the company reaffirmed previous guidance for revenue of $248 million to $254 million. Advent projected EPS before items of 89 cents to $1.01. Analysts were looking for revenue of $252.6 million and EPS of 56 cents.
Within the software sector,
reported earnings Tuesday afternoon and
will release results early Wednesday.