Why Aspen Technology Shares Jumped
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 Aspen Technology have jumped today by as much as 16% after the company reported solid earnings.
So what: Revenue in the quarter was $77.3 million, a gain of 16% over the prior year. That resulted into non-GAAP net income of $12.3 million, or $0.13 per share. The Street's forecasts of $67.5 million in sales and a $0.05 per share profit simply couldn't keep up.
Now what: CEO Mark Fusco said the company bested its guidance on all relevant metrics and saw strong demand and usage patterns. The company is guiding the current quarter to sales of $71 million to $74 million. Aspen also raised guidance for its full fiscal year 2013 that ends in June and now sees revenue of $295 million to $302 million, up from its previous range of $285 million to $295 million. Non-GAAP EPS for the year should be $0.28 to $0.33.
Interested in more info on Aspen Technology? Add it to your watchlist by clicking here.
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The article Why Aspen Technology Shares Jumped originally appeared on Fool.com.
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