Check Point Software Technologies Ltd. (Nasdaq: CHKP) posted a record $308.3 million revenue for the third quarter of 2011, 13% more than the $273.2 million for the corresponding quarter of 2010. The company beat the analysts' consensus of $307.1 million revenue for the quarter, reflecting 12% growth over the corresponding quarter.
GAAP-based net profit rose 17% to $134.1 million ($0.63 per share) for the third quarter from $114.5 million for the corresponding quarter, and non-GAAP net profit rose 15% to $152.9 million ($0.72 per share) from $132.6 million. The network security software company beat the analysts' earnings per share consensus of $0.70.
Check Point met the upper limit of its third quarter revenue guidance of $300-308 million, and beat its non-GAAP earnings per share guidance of $0.67-0.70. When the company published its financial report for the second quarter, it raised its full-year guidance to $2.77-2.84 earnings per share ($594-609 million) on $1.22-1.25 billion revenue.
Check Point's cash flow from operations rose 7% to $154.5 million for the third quarter from $144.6 million for the corresponding quarter, and its deferred revenue rose 15% to $454.5 million at the end of September from $396.3 million a year earlier.
Check Point had $2.78 billion in cash and marketable securities at the end of September, $520 million more than a year earlier.
Check Point chairman and CEO Gil Shwed said, "We exceeded our projections as a result of growth in all regions. Our software blade platform continues to gain traction in the marketplace, while our annuity software blades have provided significant contribution to our revenues and deferred revenue growth."
Check Point's share price fell 1.5% on Nasdaq yesterday to $58.03, giving a market cap of $12.1 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on October 18, 2011
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