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    Riverbed Technology profit jumps 53 pct in 4Q

    Associated Press – Thu, Jan 26, 2012

    SAN FRANCISCO (AP) — Riverbed Technology Inc.'s profit jumped 53 percent in the fourth quarter, aided by stronger growth for its products and support services.

    But during a conference call with analysts, management said it expects to see a first-quarter dip in the growth of the company's Steelhead line as it introduces a new product platform.

    Management also said that the new Steelhead products, which speed the transfer of data across wide-area networks, would help drive growth later this year. But investors appeared to focus more on the prospects for a weaker first quarter, driving the San Francisco-based company's stock down more than 13 percent in aftermarket trading.

    Riverbed, which provides virtualization and cloud computing services, said net income improved to $20 million, or 12 cent a share, in the three months ended Dec. 31. That compares with net income of $13 million, or 8 cents a share, in the same period last year.

    Excluding the impact of stock-based compensation, acquisition-related costs and other special items, Riverbed's earnings in the latest quarter amounted to 25 cents a share.

    On that basis, the results beat analysts' consensus forecast, which called for earnings of 24 cents a share, according to FactSet. Analysts typically exclude one-time charges from their estimates.

    Revenue grew 23 percent to $203 million from $165 million a year earlier. Analysts had expected $201 million.

    Management credited the revenue spike to strong enterprise sales in the U.S. and elsewhere.

    "We believe our past investments in our core and new products will continue to yield solid revenue and profit growth in 2012," said Randy S. Gottfried, Riverbed's chief financial officer.

    For 2011, Riverbed earned $64 million, or 38 cents a share, compared with net income of $34 million, or 22 cents a share, in 2010.

    Full-year revenue climbed 32 percent to $726 million from $552 million the year before.

    Riverbed shares ended regular trading up 33 cents at $29.92. The stock fell $4.15, or nearly 14 percent, to $25.77 in aftermarket trading.

     

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