Veritas Software Swoons After Hours Following Earnings Report
Veritas Software
(VRTS) - Get Virtus Investment Partners, Inc. Report
shares plunged 14% after the company reported second-quarter earnings that seemingly beat expectations.
Excluding costs linked to its acquisition of disk drive maker
Seagate
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, Veritas recorded second-quarter pro forma net income of $57 million, or 13 cents a share, compared with $29 million, or 7 cents a share, a year ago. Analysts surveyed by
First Call/Thomson Financial
forecast earnings of 12 cents a share.
Revenue jumped 77% for the quarter, to $275 million from $156 million a year earlier.
As-reported results, including $253 million in amoritization costs for Veritas' purchase of Seagate, reflected a loss of $172 million, or 43 cents a share, compared with a loss of $162 million, or 59 cents a share, a year earlier.
Veritas shares slipped 17 9/16 to 110 after hours. During regular trading, they slipped 8 13/16 to close at 127 9/16.
