Fortinet (FTNT) Beats On Q3 Earnings, Raises 2019 Guidance
Zacks Investment Research | Oct 31, 2019 10:54PM ET
Fortinet Inc. (NASDAQ:FTNT) delivered third-quarter 2019 non-GAAP earnings per share of 67 cents, which beat the Zacks Consensus Estimate of 56 cents and also improved significantly from the year-ago figure of 44 cents.
Moreover, revenues of $548 million surpassed the consensus estimate of $533 million and increased 21% year over year as well, driven by strong growth in Fortinet Security Fabric, cloud and SD-WAN offerings. Strength in the Americas and EMEA regions was a key driver.
The better-than-expected third-quarter results coupled with a bullish guidance for the fourth quarter and the full year are expected to buoy investors’ confidence in the stock. Notably, the company’s guidance raised for the full year led to a share price rally of more than 10% in the extended trading session on Thursday.
For 2019, the company expects revenues in the range of $2.135-$2.150 billion compared with $2.10-$2.12 billion estimated earlier. The Zacks Consensus Estimate is pegged at $2.11 billion.
Moreover, non-GAAP earnings per share expectations were also lifted to $2.39-$2.41 from $2.23-$2.26. The Zacks Consensus Estimate stands at $2.25.
Fortinet, Inc. Price, Consensus and EPS Surprise
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