Why MICROS Systems Shares Popped
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of MICROS Systems (NAS: MCRS) popped today by as much as 10% after the company reported fourth-quarter profits topping market forecasts.
So what: Revenue was $302.5 million, a 10% increase over the prior year, while adjusted earnings per share came in at $0.68. That's a solid beat over the $0.60-per-share profit that the Street was expecting, while the top line was mostly in line with expectations.
Now what: MICROS provides information systems for the specialty retail and hospitality sectors, including customers like MGM Resorts and Starbucks. For the fiscal year, MICROS hit new records for revenue, operating income, and net income. CEO Tom Giannopoulos said he's looking forward to another year of profitable growth. The company's larger hardware and services businesses grew nicely, while the smaller software segment inched higher.
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