Riverbed Technology 3Q 2014 Meets Expectations

Riverbed Technology, Inc. RVBD reported financial results Thursday for its third quarter fiscal 2014 ended September 30, 2014.

Non-GAAP revenue for Q3 2014 was $277 million, slightly below the average estimate of $279.05 million and an increase of 4 percent compared to $265 million in Q3 2013.

Non-GAAP net income for Q3 2014 was $48.7 million compared to non-GAAP net income of $43.3 million in Q3 2013.

Non-GAAP earnings were $0.30 per diluted share, in-line with estimates, for Q3 2014 compared with $0.26 per diluted share in Q3'13, representing a 15 percent increase year-over-year.

GAAP results included adjustments for one-time items and for Q3 2014 was $276 million, compared to $262 million in the third quarter of 2013 (Q3 2013), representing 6 percent year-over-year growth. GAAP net income for Q3 2014 was $11.5 million, or $0.07 per diluted share, compared to GAAP net income of $3.8 million, or $0.02 per diluted share, in Q3 2013.

“Our third quarter financial results were in-line with our revised guidance. While we are not satisfied with our top line performance, we are pleased to see steady growth in our SteelFusion and SteelCentral businesses,” said Jerry M. Kennelly, chairman and CEO. “Our ongoing focus to gain increased operating leverage is evident in our Q3 results, delivering earnings per share in-line with our expectations. We’ve started to execute our previously announced restructuring plans to drive further operational improvements and remain committed to delivering profitable growth and enhancing shareholder value,” continued Kennelly.

Riverbed Technology, Inc traded at $18.62 in the aftermarket, up 0.01 percent.