Fortinet: 2Q Earnings Snapshot

Associated Press
Updated

SUNNYVALE, Calif. (AP) _ Fortinet Inc. (FTNT) on Thursday reported second-quarter net income of $72.7 million.

The Sunnyvale, California-based company said it had profit of 42 cents per share. Earnings, adjusted for one-time gains and costs, came to 58 cents per share.

The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The network security company posted revenue of $521.7 million in the period, which also topped Street forecasts. Eleven analysts surveyed by Zacks expected $510.9 million.

For the current quarter ending in October, Fortinet expects its per-share earnings to range from 55 cents to 57 cents.

The company said it expects revenue in the range of $525 million to $540 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $523.8 million.

Fortinet expects full-year earnings in the range of $2.23 to $2.26 per share, with revenue ranging from $2.1 billion to $2.12 billion.

Fortinet shares have increased 12% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $79.02, an increase of 22% 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 FTNT at https://www.zacks.com/ap/FTNT