Sapiens International Q1 Profit Up, Beats Estimates, Reaffirms FY24 Revenue Outlook

(RTTNews) - Provider of software solutions for the insurance industry Sapiens International Corp. N.V. (SPNS) Wednesday reported 22.3 percent increase in first quarter earnings compared to the prior year, while revenues grew by 7.6 percent and came in above estimates. Sapiens reaffirmed revenue guidance for the full year.

Quarterly earnings were $17.4 million, up from $14.2 million a year ago. On an adjusted basis, earnings were $20.42 million.

On a per share basis, earnings increased 19.2 percent to $0.31 from $0.26 last year. Adjusted earnings were $0.36 per share.

On average, 6 analysts polled by Thomson Reuters expected the company to earn $0.34 per share. Analysts estimates usually exclude special items.

Revenue for the quarter climbed to $134.2 million, from $124.7 million in the prior year. In North America, the year-over-year growth in revenue was up 9.5 percent. Analysts were looking for revenue of $133.69 million.

Further, the company reiterated 2024 adjusted revenue guidance in a range of $550 to $555 million and adjusted operating margin in a range of 18.1 - 18.5 percent.