Check Point Software Q1 Profit Rises, Beats Estimates - Quick Facts

(RTTNews) - Check Point Software Technologies Ltd (CHKP), a pure-play security vendor, reported Wednesday that its first-quarter net income increased to $167.42 million from $160.88 million a year ago. Earnings per share were $0.95, compared to $0.86 in 2015.

Adjusted net income was $187 million, compared to $179 million a year ago. Adjusted earnings per share were $1.06, compared to $0.95 last year.

On average, 30 analysts polled by Thomson Reuters expected earnings of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased 9 percent to $404.27 million from $372.58 million in the first quarter of 2015. Analysts were looking for $404.39 million.

In the quarter, total revenues from products and software blades increased to $210.86 million from $188.65 million last year.

Software updates and maintenance revenues increased to $193.41 million from last year's $183.93 million.

Deferred revenues increased 14 percent from last year to $883 million.

Gil Shwed, founder and chief executive officer of Check Point Software said, "Revenues grew nine percent while non-GAAP earnings per share achieved eleven percent growth and exceeded our projections. This success was driven primarily by advanced threat prevention capabilities which was evident in our subscription revenue growth. In addition, our newly announced high-end and datacenter security appliances, optimized to deliver next generation threat prevention, got off to a great start in the marketplace."