Shares of Duck Creek Technologies, Inc. (DCT), a provider of core systems to the property and casualty insurance industry, are rising more than 7% Thursday morning after reporting better-than-expected earnings in the fourth quarter.
The company reported net loss of $2.4 million or $0.02 per share in the fourth quarter, narrower than $5.6 million or $0.04 per share last year.
Excluding one-time items, Duck Creek’s earnings increased to $4.5 million or $0.03 per share from $2.6 million or $0.02 per share a year ago, that beat the average estimate of analysts polled by Thomson Reuters of $0.02 per share.
Quarterly evenue was $80.7 million, an increase of 14% from the comparable period last year, helped primarily by 21% growth in subscription revenue.
Looking forward to the first quarter, the company sees revenue in the range of $75.5 million to $77.5 million and adjusted EPS in the range of $0.01 loss-$0.00. Analysts expect earnings of $0.02 per share on revenue of $76.03 million for the quarter.
For the full year, revenue is expected between $328.0 million and $336.0 million and EPS in the range of $0.11 to $0.13. The consensus estimate for earnings is at $0.12 per share and for revenue stands at $323.34 million.
DCT, currently at $11.60, has traded in the range of $10.55-$46.75 in the last 1 year.
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