U.S. Markets open in 5 hrs 18 mins

QAD: Fiscal 2Q Earnings Snapshot

SANTA BARBARA, Calif. (AP) _ QAD Inc. (QADA) on Wednesday reported fiscal second-quarter net income of $1.1 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Santa Barbara, California-based company said it had net income of 5 cents. Earnings, adjusted for one-time gains and costs, were 20 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.

The enterprise software developer posted revenue of $84.5 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $82.4 million.

For the current quarter ending in November, QAD said it expects revenue in the range of $80 million to $82 million.

The company expects full-year revenue in the range of $332 million to $336 million.

QAD shares have climbed 42 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $55.10, a rise of 76 percent 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 QADA at https://www.zacks.com/ap/QADA