U.S. Markets close in 1 hr 19 mins

Fortinet: 4Q Earnings Snapshot

SUNNYVALE, Calif. (AP) _ Fortinet Inc. (FTNT) on Thursday reported fourth-quarter net income of $115.2 million.

On a per-share basis, the Sunnyvale, California-based company said it had net income of 66 cents. Earnings, adjusted for one-time gains and costs, came to 76 cents per share.

The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The network security company posted revenue of $614.4 million in the period, also exceeding Street forecasts. Ten analysts surveyed by Zacks expected $603.7 million.

For the year, the company reported profit of $326.5 million, or $1.87 per share. Revenue was reported as $2.16 billion.

For the current quarter ending in April, Fortinet expects its per-share earnings to range from 50 cents to 52 cents.

The company said it expects revenue in the range of $555 million to $565 million for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $553 million.

Fortinet expects full-year earnings in the range of $2.70 to $2.73 per share, with revenue ranging from $2.53 billion to $2.56 billion.

Fortinet shares have climbed 14% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $121.33, a rise of 49% in the last 12 months.

_____

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