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Ellie Mae beats Street 1Q forecasts

PLEASANTON, Calif. (AP) _ Ellie Mae Inc. (ELLI) on Thursday reported first-quarter profit of $9.6 million.

The Pleasanton, California-based company said it had profit of 27 cents per share. Earnings, adjusted for one-time gains and costs, were 25 cents per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.

The provider of automation software for the mortgage industry posted revenue of $93 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $92.7 million.

For the current quarter ending in July, Ellie Mae expects its per-share earnings to range from 50 cents to 53 cents.

The company said it expects revenue in the range of $109 million to $111 million for the fiscal second quarter.

Ellie Mae expects full-year earnings in the range of $1.79 to $1.92 per share, with revenue ranging from $433 million to $440 million.

Ellie Mae shares have climbed 32 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $110.72, a rise of 21 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 ELLI at https://www.zacks.com/ap/ELLI

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Keywords: Ellie Mae, Earnings Report