) reported mixed financial results for the third quarter of
fiscal 2013. Management stated that
), its major client, significantly contributed to its
performance. Additionally, other key North American clients,
United States Cellular Corp.
) have also played their parts. Amdocs currently has a Zacks Rank
Third-Quarter Results in Details
Quarterly net income, on a GAAP basis, was $119.6 million or
73 cents per share compared with $98.8 million or 59 cents per
share in the prior-year quarter. Third-quarter fiscal 2013
adjusted earnings per share of 77 cents were significantly above
the Zacks Consensus Estimate of 68 cents. Quarterly total revenue
came in at $841.3 million, up 4% year over year, but fell below
the Zacks Consensus Estimate of $847 million.
Amdocs posted gross margin of 35% in the reported quarter
compared with 35.7% in the year-ago quarter. Reported operating
income was approximately $123.2 million, up 11.9% year over year.
Quarterly operating margin was 14.6% compared with 13.6% in the
prior-year quarter. At the end of the third quarter of fiscal
2013, total order backlog was $2,830 million compared with $2,760
million at the end of the year-ago quarter. In the reported
quarter, Amdocs repurchased shares worth $58 million.
During the first nine months of fiscal 2013, Amdocs generated
around $438.8 million in cash from operations compared with $362
million in the comparable prior-year period. Free cash flow in
the first nine months of fiscal 2013 stood at $358.7 million
compared with $282.8 million in the comparable period a year
At the end of the third quarter of fiscal 2013, Amdocs had
approximately $1,090.7 million in cash and marketable securities
compared with $1,118.2 million at the end of fiscal 2012. The
company had no outstanding debt.
Segment Wise Results
Service revenues were $822.7 million, up 6.2% year over year.
License revenues were approximately $18.6 million, down 46% year
over year. Technologically, Customer Experience Systems revenues
were $803.2 million, up 4.8% year over year while Directory
revenues were $38.1 million, down 10.6% year over year. The
company's core Managed Services revenues came in at $417.1
million, down 2.3% year over year.
Geographically, North America generated $619.2 million, up
10.8% year over year. Europe generated $98 million, down 8% year
over year, while the Rest of the World contributed the remaining
$124.1 million, down 13.6% year over year. Revenues from the
emerging markets came in at $101.3 million, down 0.4% year over
Management expects fourth quarter fiscal 2013 revenues in the
range of $830 million-$860 million. Earnings per share, on a GAAP
basis, are expected between 50 cents and 58 cents. Moreover,
non-GAAP earnings per share, including 4 cents-5 cents per share
of equity-based compensation expense, are projected in the range
of 60 cents-66 cents.
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