ShoreTel Beats on Top and Bottom Line
Unified communications solutions provider ShoreTel reported fiscal year 2014 first-quarter results yesterday after the markets closed, showing that it posted total revenues of $84.3 million, a healthy 12% increase from the same period in the previous year, and ahead of the $80.9 million Capital IQ consensus estimate. Shares were up 20% this morning.
Adjusted net income came in at $4 million, or $0.07 per share, a complete reversal of fortunes from the net loss of $2.1 million, or $0.04 per share, in the same period in 2012, and far better than the break-even CapIQ estimates.
ShoreTel says it found traction as "cloud monthly recurring revenue and premise support revenues" jumped 22% as the total number of installed customer seats in its Sky division increased 44%.
The unified communications provider said it expects Q2 2014 revenues to range between $80 million and $86 million, which puts analyst expectations of $83 million right at the midpoint. They also figure ShoreTel will break-even again on adjusted earnings.
The article ShoreTel Beats on Top and Bottom Line originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.