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Ultimate Software: 1Q Earnings Snapshot

WESTON, Fla. (AP) _ The Ultimate Software Group Inc. (ULTI) on Tuesday reported first-quarter profit of $21 million.

The Weston, Florida-based company said it had profit of 67 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.30 per share.

The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.

The cloud-based work force technology company posted revenue of $276.8 million in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $270.9 million.

For the current quarter ending in July, Ultimate Software said it expects revenue in the range of $267 million to $269 million. Analysts surveyed by Zacks had expected revenue of $267.4 million.

Ultimate Software shares have risen 11 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $242.45, a climb of 17 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 ULTI at https://www.zacks.com/ap/ULTI