Sourcefire 3Q results beat expectations, stock up

Shares of Sourcefire soar as 3Q results and 4Q outlook beat expectations

Associated Press

COLUMBIA, Md. (AP) -- Shares of computer network security company Sourcefire Inc. jumped Thursday after its third-quarter results beat expectations and it provided a fourth-quarter outlook that was higher than forecasts.

Increased distribution, particularly overseas, helped SourceFire sell more of its FirePOWER appliances, which secure corporate networks, according to chief technology officer and interim CEO Martin Roesch. International revenue jumped 69 percent from a year ago.

The Columbia, Md., company earned $1.2 million, or 4 cents per share, in the July to September period. That was down 39 percent from $2 million, or 7 cents per share, in the same period a year ago, chiefly because of a much higher provision for income taxes.

Excluding stock-based compensation and other items, adjusted earnings were $7.6 million, or 25 cents per share, in the latest quarter.

Revenue grew 30 percent to $58.8 million from $45.2 million.

Analysts, on average, expected adjusted earnings of 21 cents per share on revenue of $55.6 million, according to FactSet.

For the current quarter, Sourcefire expects adjusted earnings of 27 to 29 cents per share on revenue of $62 million to $64 million. Analysts forecast earnings of 27 cents per share on revenue of $61.7 million.

Sourcefire shares rose $5.59, or 13.1 percent, to $48.38 in afternoon trading.

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