U.S. Markets closed

Veeva: Fiscal 1Q Earnings Snapshot

PLEASANTON, Calif. (AP) _ Veeva Systems Inc. (VEEV) on Wednesday reported fiscal first-quarter profit of $73.4 million.

On a per-share basis, the Pleasanton, California-based company said it had net income of 47 cents. Earnings, adjusted for one-time gains and costs, came to 50 cents per share.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.

The provider of cloud-based software services for the life sciences industry posted revenue of $244.8 million in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $238.7 million.

For the current quarter ending in August, Veeva expects its per-share earnings to range from 48 cents to 49 cents.

The company said it expects revenue in the range of $259 million to $260 million for the fiscal second quarter.

Veeva expects full-year earnings in the range of $2.01 to $2.03 per share, with revenue expected to be $1.05 billion.

Veeva shares have risen 51% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $134.46, an increase of 77% 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 VEEV at https://www.zacks.com/ap/VEEV