Riverbed Technology Beats Q4 EPS Expectations

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Riverbed Technology, Inc. RVBD reported financial results Thursday for its fourth quarter and fiscal year 2014 ended December 31, 2014.

For the fourth quarter, non-GAAP revenue was $284 million, below estimates of $287.60 million and below the $285 million reported in the prior year period.

Non-GAAP net income was $54.1 million. Diluted non-GAAP EPS was $0.34, above estimates of $0.32 and above the $0.31 reported in the year-ago period.

GAAP revenue came in at $283 million, and flat compared to the fourth quarter of 2013.

GAAP net income was $49.7 million. Diluted GAAP EPS was $0.31, compared to $0.05 reported in the year-ago period.

Full year 2014 GAAP revenue was $1.1 billion, up 5 percent compared to fiscal year ended December 31, 2013.

For 2014, non-GAAP net income was $185.9 million, compared to non-GAAP net income of $169.3 million in 2013.

Earnings for 2014 were $1.14 per diluted share, compared to $1.01 per diluted share in FY'13, representing a 13 percent increase year-over-year.

"Riverbed achieved revenue of $1.1 billion in 2014, supported by ongoing momentum in both our SteelCentral performance management suite and our innovative SteelFusion product, nicely complementing our market leading SteelHead family...We ended the year on solid financial footing, growing our cash and investments to $614 million and generating $72 million in free cash flow in the quarter, or 25 percent of Q4'14 revenue,"said Jerry M. Kennelly, Chairman and CEO.

Riverbed Technology, Inc. traded at $20.65 in the after hours session, up 0.29 percent.

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Posted In: EarningsNews
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