NEW YORK (
revved higher in extended trading Thursday after the San Francisco-based networking software maker trounced Wall Street expectations for its third-quarter results and announced a two-for-one split of its common stock.
After the closing bell, Riverbed reported an adjusted profit, which excludes certain items, of $26.6 million, or 34 cents a share, for the third quarter ended Sept. 30, up from a year-ago equivalent profit of $19.2 million, or 25 cents a share, and ahead of the average estimate of analysts polled by
for earnings of 28 cents a share.
Revenue came in at $147.8 million in the latest quarter, a 45% increase from the same period last year, and better than a consensus view of $135.5 million.
The stock was last quoted at $50.95, up 11.1%, according to
, on volume of almost 350,000. Based on a regular session close of $45.87, the shares have already advanced 99% so far in 2010, and look to be ripe to break through a 52-week high of $48.78 set earlier this month when trading resumes on Friday. At current levels the stock has left behind both its 50- and 200-day moving averages of $44.18 and $34.31, respectively.
Riverbed's stock split is payable on Nov. 8 to shareholders of record on Nov. 1.
Also moving to the upside was
, which jumped more than 12% to $24.24 on afterhours volume of 82,000.
The Newport Beach, Calif.-based company, which partners with other companies and inventors to increase licensing of their patents then shares in the resulting revenue, reported a profit of $24.7 million, or 70 cents a share, for its fiscal third quarter ended on Sept. 30, up from a loss of $3.4 million, or 11 cents a share, in the same period last year. Revenue leapt to $64 million in the quarter from $16.1 million a year ago.
, however, was falling in extended trades after the San Jose, Calif.-based developer of the Invisalign teeth straightening system topped analyst expectations for its third-quarter results but offered a below-consensus outlook for the fourth quarter.
The stock was last quoted at $18.16, down more than 12%, on volume of around 630,000 after Align said it expects earnings of 15 to 17 cents a share in the December period on revenue ranging from $90.5 million to $93 million. The current
-compiled estimate calls for earnings of 19 cents a share on revenue of $96.2 million.
Align also said after the bell that it had agreed to settle a class action lawsuit against it, recording a charge of $3.3 million in the third quarter in relation to the settlement, and that it has received regulatory approval to market and sell Invisalign in China.
Leggett & Platt's
stock was also weak late Thursday after the Carthage, Mo.-based manufacturing company reported disappointing third-quarter results, citing weakness in certain key markets, such as residential furniture, and higher raw material costs.
The company also said it now sees earnings of $1.10 to $1.20 a share for the full year on revenue of between $3.3 billion and $3.35 billion. Wall Street's current consensus estimates are for a profit of $1.29 a share for the 12 months ending in December on revenue of $3.4 billion.
The stock fell almost 9% to $20.97 on volume of around 150,000. Based on the regular session close of $22.99, the shares were up 12.2% so far in 2010.
Written by Michael Baron in New York.
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