IHS profit doubles as customer spending revives
(Reuters) - IHS Inc (IHS.N), publisher of Jane's Defense Weekly, posted better-than-expected quarterly results as spending deferred during the preceding quarter boosted fourth-quarter results.
"There was a lot of one-time non-subscription based software orders ... some very good contracts," Chief Executive Jerre Stead told Reuters.
Revenue from its non-subscription business, which includes consulting, software licenses, and events, grew 15 percent to $112.2 million during the quarter.
However, certain deals expected to close in the fourth quarter have now moved into the current quarter, Stead said.
IHS said it expects the first half of 2013 to be lighter on revenue and profit due to the continued global economic uncertainty.
The company last month forecast 2013 adjusted earnings of between $4.23 and $4.43 per share on revenue of between $1.64 billion and $1.71 billion.
Net income more than doubled to $46.4 million, or 69 cents per share, in the fourth quarter, from $22.7 million, or 34 cents per share, a year earlier.
Excluding items, the company earned $1.21 per share in the fourth quarter.
Revenue for the company, which competes with units of Thomson Reuters Corp (TRI.TO), SAP (SAPG.DE), McGraw-Hill Companies Inc MHP.N, Accenture Plc (ACN.N) and Deloitte, rose 12 percent to $414.4 million.
Analysts on average were expecting earnings of $1.11 per share on revenue of $409.9 million, according to Thomson Reuters I/B/E/S.
IHS also named Todd Hyatt as its Chief Financial Officer replacing Rich Walker, who will head global finance.
Shares of the Englewood, Colorado-based company have risen 13.25 percent over the last year. They closed at $96.90 on the New York Stock Exchange on Monday.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Supriya Kurane)
- Total CEO de Margerie killed in Moscow as jet hits snow plough
- Ebola crisis turns a corner as U.S. issues new treatment protocols
- Apple's iPhone sales beat Street but iPad volumes slide
- China's growth slowest since global crisis, annual target at risk
- Obama makes rare campaign trail appearance, people leave early