Manhattan Associates Inc (MANH) Reports Record Revenue and Earnings, Raises 2023 Full Year Guidance
Manhattan Associates Inc (NASDAQ:MANH) reported a record revenue of $238.4 million for Q3 2023, a significant increase from $198.1 million in Q3 2022.
GAAP diluted earnings per share for Q3 2023 was $0.79, up from $0.47 in Q3 2022.
The company raised its 2023 full year guidance across all metrics, reflecting optimism about expanding market opportunities.
Manhattan Associates Inc (NASDAQ:MANH) repurchased 128,133 shares of its common stock under the share repurchase program for a total investment of $25.1 million.
On October 24, 2023, Manhattan Associates Inc (NASDAQ:MANH), a leading supply chain and omnichannel commerce solutions provider, announced its Q3 2023 earnings report. The company reported a record revenue of $238.4 million, a significant increase from $198.1 million in Q3 2022. GAAP diluted earnings per share for Q3 2023 was $0.79, up from $0.47 in Q3 2022. Non-GAAP adjusted diluted earnings per share for Q3 2023 was $1.05, compared to $0.66 in Q3 2022.
Financial Performance Highlights
Manhattan Associates Inc (NASDAQ:MANH) reported strong financial performance for Q3 2023. The company's consolidated total revenue was $238.4 million, compared to $198.1 million for Q3 2022. Cloud subscription revenue was $65.0 million for Q3 2023, compared to $45.3 million for Q3 2022. Services revenue was $128.0 million for Q3 2023, compared to $103.4 million for Q3 2022.
GAAP operating income was $53.4 million for Q3 2023, compared to $36.8 million for Q3 2022. Adjusted operating income, a non-GAAP measure, was $72.5 million for Q3 2023, compared to $51.3 million for Q3 2022. Cash flow from operations was $58.6 million for Q3 2023, compared to $39.9 million for Q3 2022.
Share Repurchase and 2023 Guidance
During the three months ended September 30, 2023, the Company repurchased 128,133 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $25.1 million. In October 2023, our Board of Directors approved replenishing our remaining share repurchase authority to an aggregate of $75.0 million of our common stock.
Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2023: Total revenue - current guidance is between $912 million and $916 million, representing a growth range of 19%. GAAP operating margin - current guidance is between 21.0% and 21.3%. Adjusted operating margin(1)- current guidance is between 28.9% and 29.1%. GAAP EPS - current guidance is between $2.59 and $2.61, representing a growth range of 28% to 29%. Adjusted EPS(1)- current guidance is between $3.51 and $3.53, representing a growth range of 27% to 28%.
CEO's Commentary
We are pleased with our quarterly and year-to-date results. Solid demand for our industry leading cloud solutions and services drove record results on the top and bottom lines," said Manhattan Associates president and CEO Eddie Capel. "Manhattans business fundamentals are strong, and our commitment to delivering innovation to our customers across mission-critical commerce and supply chain systems remains resolute. While we remain appropriately cautious and anticipate continued volatility, we are very optimistic about our expanding market opportunities. We are raising our 2023 outlook across all metrics and are providing preliminary solid 2024 parameters," Mr. Capel concluded.
This article first appeared on GuruFocus.
