Concur Slips To Loss On Costs, Revenue Tops Estimate - Update

(RTTNews) - Travel software provider Concur Technologies Inc (CNQR) said Monday it slipped to a loss for the third quarter, hurt by expenses that offset strong growth in revenue.

The company provided its revenue guidance for the fourth quarter and fiscal year 2014, in line with current Wall Street estimates.

Concur provides cloud-based travel and expense management solutions for companies.

For the third quarter, Concur, based in Bellevue, Washington, posted a net loss of $32 thousand or breakeven per share, compared with a profit of $2.8 million or $0.05 per share last year.

Revenue for the third quarter climbed to $178.4 million from $138.7 million a year ago.

Non-GAAP revenue for the quarter was up 28 percent at $177 million. Analysts polled by Thomson Reuters projected revenue of $175.2 million for the quarter.

Total expenses climbed to $182.8 million from $124.9 million a year ago, on higher sales, system development and general expenses.

Adjusted operating margin was 9.9 percent, compared with 17.6 percent a year ago.

For the fourth quarter, Concur expect adjusted revenue to grow about 21 percent, in line with current Wall Street estimates.

For fiscal year 2014, the company projects adjusted revenue growth of 27 percent, while analysts currently expect growth of 26.9 percent.

Recently, Concur said it added Airbnb Inc and Uber Tecnologies Inc to its network to improve business travel and streamline expenses.

Concur Technologies stock closed Monday at $92.66, up 1.62 or 1.78%, on a volume of 649k shares on the Nasdaq. In after hours, the stock dropped $0.66 or 0.71%.