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What: Shares of SS&C Technologies have skyrocketed by as much as 10% today after the company posted record first-quarter results.
So what: Revenue in the first quarter came in at $173.2 million, slightly ahead of the consensus estimate of $173 million. Adjusted earnings per share was $0.45, topping the Street's $0.43 per share best guess. On an annualized basis, SS&C notes it is on track for $647 million in annual revenue.
Now what: SS&C considers its annual run rate forecasts as a good indicator of visibility. Guidance for the second quarter calls for revenue in the range of $175 million to $179 million. Full-year sales should be $712 million to $722 million. The midpoints of both guidance ranges are ahead of what analysts were expecting.
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The article Why SS&C Technologies Shares Skyrocketed originally appeared on Fool.com.Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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