Barracuda Networks Wows Investors With Amazing Earnings

Barracuda Networks Inc. (NYSE: CUDA) reported fiscal first-quarter financial results after the markets closed on Thursday. The company said that it had $0.20 in earnings per share (EPS) on $86.7 million in revenue. The consensus estimates from Thomson Reuters called for $0.11 in EPS on $83.84 in revenue. The same period from last year had $0.09 in EPS on $77.97 in revenue.

Recently the company was recognized as the 2016 Microsoft Azure Certified ISV Solution Partner of the Year based on Barracuda’s continued technology innovation in offering solutions designed to help customers seamlessly move workloads and applications into Azure.

Also during this quarter, Barracuda announced the availability of Barracuda NextGen Firewall – Intronis MSP Edition, which gives managed service providers with a comprehensive way to easily deploy and manage next-generation firewall technology for customers adopting cloud-based applications and operating dispersed network environments.

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B.J. Jenkins, president and CEO of Barracuda Networks, commented:

We delivered strong results in the quarter and exceeded guidance on revenue, billings and earnings per share. We grew revenue 11% year-over-year and more than doubled our non-GAAP earnings when compared with the first quarter of last year. Our performance in the quarter was largely driven by execution on our strategy, which includes focusing our efforts to be the leader in security and data protection for our customers and expanding our routes to market, specifically in the MSP and public cloud channels. We made solid progress on these initiatives in the first quarter, and as a result, we believe we are building market momentum, and expect continued growth in our core product areas and in our bottom-line.

On the books, Barracuda’s cash, cash equivalents and marketable securities totaled $166.7 million at the end of the quarter, compared to $155.0 million at the end of the previous fiscal year.

Shares of Barracuda closed Thursday up 3.7% at $15.55, with a consensus analyst price target of $18.46 and a 52-week trading range of $9.44 to $39.99. Following the release of the earnings report, the stock was initially up 11.2% at $17.24 in the after-hours trading session.

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