Blackbaud 1Q profit beats Street, revenue up

Blackbaud 1st-quarter adjusted profit tops analysts' estimates, revenue climbs

Associated Press

CHARLESTON, S.C. (AP) -- Blackbaud Inc. said Wednesday that its net income fell 4 percent in the first quarter, hindered in part by a larger interest expense. Its adjusted results beat analysts' estimates.

Its stock was up 3 percent in afternoon trading.

The software and services provider to the nonprofit sector earned $2.7 million, or 6 cents per share, for the period ended March 31. That compares with $2.8 million, or 6 cents per share, a year ago.

Taking out stock-based compensation expense, restructuring and integration costs and other items, the company's net income rose to 26 cents per share from 17 cents per share.

Analysts had been expecting adjusted earnings of 20 cents per share, according to a FactSet poll.

The current quarter included an interest expense of $1.7 million compared with $191,000 a year earlier.

Revenue climbed 22 percent to $115.6 million from $94.7 million, led by strong subscriptions growth.

Blackbaud Inc.'s board approved a second-quarter dividend of 12 cents per share. The dividend will be paid on June 14 to shareholders of record on May 28.

The company's stock was up 87 cents to $30.18. For the year to date, the shares are up 32 percent.

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