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Veritas Vrooms

Reports record Q2 revenues and better than expected earnings. But can it keep up the pace?

Posting better-than-expected profits and revenues today, Veritas Software Corp. (Nasdaq: VRTS) claimed that its second quarter was the best quarter in its history, with revenues of $413 million and profits of $48.7 million, or 11 cents per share (see Veritas Reports Record Revenue).

We are clearly encouraged with our Q2 results,” Gary Bloom, Veritas’s chairman, president, and CEO, said on a conference call this evening.

The company's earnings of $48.7 million were almost double its year-ago profits of $26 million, or 6 cents per diluted share. Excluding charges, the Mountain View, Calif., company’s earnings were 19 cents a share, compared with 14 cents a share for the same quarter last year (see Veritas Posts Q2 Profit).

The company’s results far exceed both its own forecasts and analysts' expectations. Veritas had been anticipating earnings of between 13 and 14 cents before charges, while analysts polled by Thomson First Call had expected the company to post pro forma earnings of 15 cents a share (see Veritas Sees Profits Slip).

Veritas also beat its revenue forecast of between $370 million and $380 million for the quarter. For the same quarter last year, the company reported revenues of $365 million. Gross margins were flat for the quarter at 85 percent.

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