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Red Hat meets 4Q profit forecasts

RALEIGH, N.C. (AP) _ Red Hat Inc. (RHT) on Monday reported fiscal fourth-quarter profit of $65.8 million.

The Raleigh, North Carolina-based company said it had net income of 36 cents per share. Earnings, adjusted for one-time gains and costs, were 61 cents per share.

The results met Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was also for earnings of 61 cents per share.

The open-source software company posted revenue of $628.8 million in the period, exceeding Street forecasts. Ten analysts surveyed by Zacks expected $618.5 million.

For the year, the company reported profit of $253.7 million, or $1.39 per share. Revenue was reported as $2.41 billion.

For the current quarter ending in June, Red Hat expects its per-share earnings to range from 52 cents to 53 cents.

The company said it expects revenue in the range of $643 million to $650 million for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $643.7 million.

Red Hat expects full-year earnings in the range of $2.60 to $2.64 per share, with revenue ranging from $2.72 billion to $2.76 billion.

Red Hat shares have risen 18 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 5 percent. In the final minutes of trading on Monday, shares hit $82.20, a rise of 12 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 RHT at https://www.zacks.com/ap/RHT

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Keywords: Red Hat, Earnings Report