Riverbed Revenue Climbs
Computer networking specialist Riverbed Technology was able to connect to stronger growth despite hesitation evident in the government sector, reporting third-quarter results after the markets closed yesterday showing it posted revenues of $261.7 million, a robust 20% gain from the $218.6 million in the same period the previous year.
Adjusted revenues were 21% higher at $265 million, just shy of the $267.3 million Capital IQ consensus estimate. Adjusted net income also increased by 18% to $43.3 million, or $0.26 per share, from Q3 2012's $36.6 million, or $0.03 better than the CapIQ estimates of $0.23 per share.
Riverbed was able to drive profitability higher, despite a slowdown in the "government vertical," by keeping a tight lid on expenses.
The computer networking specialist also noted it drove shareholder value gains in the quarter by buying back $50 million worth of stock, building on its track record of returning a "substantial amount of free cash flow to investors in the form of share repurchases."
The article Riverbed Revenue Climbs originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends Riverbed Technology. The Motley Fool owns shares of Riverbed Technology. 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.
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