By Connor Hart
Commvault Systems raised its full-year outlook after posting higher-than-expected revenue and profit in its fiscal second quarter, citing higher demand for data protection in today's evolving cyber landscape.
The company, which works to bring customers' data and businesses back online following cyber outages, on Tuesday reported a profit of $15.6 million, or 35 cents a share, for its three months ended Sept. 30, compared with $13 million, or 29 cents a share, in the same quarter last year.
Adjusted per-share earnings were 83 cents, beating the 76 cents that analysts polled by FactSet forecast.
Revenue rose 16% to $233.3 million. Analysts had been expecting $220.8 million, according to FactSet.
Chief Executive Sanjay Mirchandani said Commvault has benefited from shifting conversations in the cyber landscape, with the majority of customers now focused on recovery and resilience -- areas in which the company specializes -- rather than defense.
Innovations, efficient operations and the company's acquisition of Clumio, a data protection company that specializes in working with Amazon Web Services infrastructure, also helped bolster second-quarter results, he said.
For its fiscal third quarter, ending in December, Commvault guided for revenue between $243 million and $247 million, ahead of analyst expectations for $234.6 million, according to FactSet.
For fiscal 2025, the company raised its revenue outlook to between $952 million and $957 million, compared with prior guidance for between $915 million and $925 million. Analysts surveyed by FactSet are looking for $924 million.
Chief Financial Officer Jen DiRico said the company raised its outlook on the expectation that increased demand will continue through the back half of the fiscal year. The company's software-as-a-service business is continuing to accelerate, she said, adding the second half of the year is typically seasonally stronger than the first due to higher renewal rates.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 29, 2024 07:45 ET (11:45 GMT)
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