Bloomberg News

CA’s Shares Jump After Sales, Profit Exceed Analysts’ Estimates

October 25, 2013

CA Technologies (CA:US), a maker of software for managing information technology, rose the most since January 2012 after quarterly sales and profit topped analysts’ estimates.

CA’s stock jumped 5.5 percent to $32.07 at 9:34 a.m. in New York. The shares, already up 38 percent this year before today, rose as high as $32.95 earlier in the session.

Excluding some items, earnings rose to 86 cents a share in the fiscal second quarter, the Islandia, New York-based company said yesterday in a statement. Analysts had projected 72 cents, according to data compiled by Bloomberg. Sales totaled $1.14 billion in the period, which ended on Sept. 30, beating the average estimate of $1.1 billion.

The results give a boost to the turnaround efforts of Chief Executive Officer Mike Gregoire, who joined the East Coast software maker in January after a career in Silicon Valley. He is increasing research and marketing spending in bid to jump-start growth with new products.

“This is clearly a beginning, but we still have work to do to get the aggregate portfolio growing,” he said in the statement.

To contact the reporter on this story: Nick Turner in New York at nturner7@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • CA
    (CA Inc)
    • $28.42 USD
    • 0.02
    • 0.07%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus