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Blackbaud misses Street 1Q forecasts

CHARLESTON, S.C. (AP) _ Blackbaud Inc. (BLKB) on Monday reported first-quarter net income of $11.5 million.

On a per-share basis, the Charleston, South Carolina-based company said it had net income of 24 cents. Earnings, adjusted for one-time gains and costs, came to 46 cents per share.

The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.

The software and services provider in the nonprofit sector posted revenue of $183.6 million in the period, which also missed Street forecasts. Six analysts surveyed by Zacks expected $184.1 million.

Blackbaud expects full-year earnings in the range of $2.06 to $2.18 per share.

Blackbaud shares have risen 27 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $81.50, a climb of 32 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BLKB at https://www.zacks.com/ap/BLKB

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Keywords: Blackbaud, Earnings Report