Adobe Systems Q1 Adj. Profit Beats Estimate - Quick Facts

(RTTNews) - Adobe Systems Inc. (ADBE) reported first-quarter net income of $47.0 million or $0.09 per share, compared to $65.1 million or $0.13 per share in the year-ago quarter.

Excluding items, adjusted net income for the latest first quarter was $151.3 million or $0.30 per share, compared to $177.9 million or $0.35 per share in the prior year quarter. On average, 22 analysts polled by Thomson Reuters expected the company to earn $0.25 per share. Analysts' estimates typically exclude special items.

Total revenue for the first quarter fell to $1.00 billion from $1.01 billion in the same quarter last year, while twenty analysts expected revenue of $973.09 million for the fourth quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts earnings of $0.06 to $0.12 per share, adjusted earnings of $0.26 to $0.32 per share and revenue in the range of $1.00 billion to $1.05 billion.

Analysts currently expect the company to earn $0.27 per share on revenue of $990.36 million for the second quarter.

For fiscal year 2014, Adobe is targeting total revenue to be essentially flat with fiscal year 2013 revenue. The company continues to target earnings of about $0.27 per share and adjusted earnings of about $1.10 per share.

Analysts currently expect the company to earn $1.12 per share on revenue of $4.08 billion for the fiscal year 2014.