Fortinet shares fly on 4Q results

Fortinet's 4Q profit up 30 pct., shares soar in after hour trading

Associated Press

SUNNYVALE, Calif. (AP) -- Shares of Fortinet Inc. soared in after-hours trading Wednesday after the network security provider reported a 30 percent profit increase in the fourth quarter on new product sales.

The company, based in Sunnyvale, Calif., earned $21.5 million, or 13 cents per share, for the three-month period ended Dec. 31. That compares with $16.5 million, or 10 cents per share in the year-ago period.

Excluding one-time item, the company made 17 cents per share.

Revenue rose 25 percent to $151.1 million. Product revenue rose 24 percent to $71 million, while revenue from services rose 25 percent to $76.7 million.

Analysts expected 15 cents per share on $144.2 million in revenue, according to FactSet.

For all of 2012, Fortinet earned $66.8 million, or 40 cents per share, on total revenue of $533.6 million. That's up 23 percent from the previous year.

Shares of Fortinet jumped 16.5 percent, or $3.20 per share, to $22.55 in after-hours trading. Over the past 52 weeks, the stock has ranged from $17.53 to $28.82.

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