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Citrix Systems 3Q net dips on 'uneven' market

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October 23, 2013 06:46 PM EST | AP


SANTA CLARA, Calif. (AP) — Citrix Systems Inc. said Wednesday that third-quarter net income slipped about 1 percent as some customers delayed purchases in an "uneven" market.

The cloud-computing company's adjusted earnings per share were a penny better than analysts expected, but it forecast fourth-quarter earnings below expectations.

Citrix also said that its board approved the repurchase of an additional $500 million worth of shares.

The shares rose in after-hours trading.

Net income was $76.7 million, or 41 cents per share, compared with $78.2 million, or 41 cents per share, a year earlier. Citrix said that excluding amortization and stock-based compensation expenses it would have earned 70 cents per share. Revenue rose 11 percent to $712.7 million.

Analysts, who usually exclude items, expected 69 cents per share on revenue of $715 million, according to a FactSet survey.

Acting CEO David Henshall said the company was dealing with "an uneven spending environment," and added, "We saw some customers delay buying decisions while they evaluate our newly released platforms in the desktop and mobile business."

Henshall was named acting CEO last week when Mark Templeton took a temporary leave of absence after the death of his 27-year-old son.

The company said that it expected fourth-quarter earnings — excluding amortization, stock compensation and related taxes — of between 95 cents and $1 per share and revenue of $800 million to $810 million. Analysts were looking for $1.05 per share in profit on revenue of $819 million.

Before the report, the shares ended regular trading at $56.07, down 59 cents. In after-hours trading, they were up $3.04, or 5.4 percent, to $59.11.