CyberArk Boosts FY24 Outlook As Q3 Results Top Estimates; Promotes Erica Smith To CFO

(RTTNews) - Identity security company CyberArk Software Ltd. (CYBR) reported Wednesday net income for the third quarter of $11.11 million, or $0.24 per share, compared to a net loss of $14.61 million or $0.35 per share in the prior-year quarter.

Excluding one-time items, adjusted earnings for the quarter was $0.94 per share, compared to $0.42 per share in the year-ago quarter.

On average, 31 analysts polled by Thomson Reuters expected the company to report earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter increased 26 percent to $240.10 million from $191.24 million in the same quarter last year. Analysts expected revenues of $234.04 million for the quarter.

Looking ahead to the fourth quarter, the company expects adjusted earnings in a range $0.65 to $0.75 per share on revenues between $297.0 million and $303.0 million. Analysts expect earnings of $0.55 per share on revenues of $259.61 million for the quarter.

For fiscal 2024, the company now projects adjusted earnings in a range $2.85 to $2.96 per share on revenues between $983.0 million and $989.0 million. The Street is looking for earnings of $2.31 per share on revenues of $941.48 million for the year.

Previously, the company expected adjusted earnings in the range $2.17 to $2.36 per share on revenues between $932.0 million and $942.0 million.

Separately, CyberArk announced that Josh Siegel is stepping down from his role as Chief Financial Officer, effective January 1, 2025. As part of a planned succession, Erica Smith, CyberArk's Deputy Chief Financial Officer, will become CFO and join the executive team at that time.