Concur Technologies Earnings: Here’s Why the Stock is Rising Now
Concur Technologies, Inc. (NASDAQ:CNQR) delivered a profit and beat Wall Street’s expectations, AND met the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.04%.
Concur Technologies, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 9.09% to $0.24 in the quarter versus EPS of $0.22 in the year-earlier quarter.
Revenue: Rose 17.51% to $127.37 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Concur Technologies, Inc. reported adjusted EPS income of $0.24 per share. By that measure, the company beat the mean analyst estimate of $0.16. It met the average revenue estimate of $127.37 million.
Quoting Management: “As we discussed in April, we experienced one of the best bookings performances in Concur’s history, with new bookings growing more than 100% over the second quarter last year. The strong bookings have resulted in longer implementation cycles, which impacts short-term revenue growth,” said Steve Singh, Chairman and CEO of Concur. “The bookings strength is primarily a result of the better-than-expected momentum in our federal government ETS2 contract and continued strength in our commercial business. We expect revenue growth to accelerate in the second half of fiscal 2013 with greater visibility for fiscal 2014, based on our underlying bookings momentum and the continued success of our core initiatives.”
Key Stats (on next page)…