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UPDATE 1-CommVault results top estimates, shares rise
July 31, 2012 / 12:40 PM / 5 years ago

UPDATE 1-CommVault results top estimates, shares rise

* Q1 adj EPS $0.30 vs est $0.23

* Q1 revenue $111.3 vs est $108.9 mln

* Shares up 10 percent

July 31 (Reuters) - CommVault Systems Inc reported better-than-expected quarterly results on increased demand for its software that helps businesses archive, back-up and search data.

Shares of the company, which has not missed quarterly profit estimates for more than two years, were up 10 percent in premarket trading.

Net income for the first quarter rose to $10.1 million, or 21 cents per share, from $7 million, or 15 cents per share, a year earlier. Excluding items, earnings were 30 cents per share.

Revenue rose 22 percent to $111.3 million.

Analysts on average were expecting earnings of 23 cents per share on revenue of $108.9 million, according to Thomson Reuters I/B/E/S.

The company’s larger rivals EMC Corp and Symantec Corp have warned of slowing technology spending in the second half of this year.

Shares of CommVault have risen about 46 percent since touching a year-low of $30.97 last September. They closed at $45.38 on Monday on the Nasdaq.

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