Software developer Manhattan Associates Inc.'s shares fell nearly 9 percent in after-hours trading Tuesday after the company reported fourth-quarter earnings missed analysts' estimates.
Net income for the three-month period almost doubled in the fourth quarter to $8.5 million, or 33 cents per share, from $4.8 million, or 17 cents per share, in the same period a year earlier. Excluding stock repurchase and corporate expenses, the company's adjusted earnings rose to 37 cents per share, up from 31 cents per share, a year earlier.
On that basis, analysts polled by Thomson Financial were expecting earnings of 39 cents per share.
Revenue increased 12 percent to $85 million, up from $75.9 million in the year-ago quarter. Analysts expected $84.7 million in revenue.
The Atlanta-based company provides supply chain management software, and said it added many customers during the quarter, including Whirlpool Corp. But Manhattan Associates also said it closed three large contracts that each generated $1 million or more in licensing revenue.
For the year, the company earned $30.8 million, or $1.13 per share, compared to a profit of $19.3 million, or 69 cents per share, in 2006. Revenue rose to $337.4 million from $288.9 million a year earlier.
Manhattan Associates forecast adjusted earnings for the first quarter of 2008 in the range of 22 cents and 28 cents per share. Analysts currently expect the company to earn 28 cents during the period.
For all of 2008, Manhattan Associates forecast adjusted earnings of $1.47 to $1.53. Analysts, on average, expect the company to earn $1.51 for the year, according to a survey by Thomson Financial.
Manhattan Associates shares fell $2.08, or 8.8 percent, to $21.63 in after-hours trading, after falling $1.38, or 5.5 percent, to close at $23.71. In midday trading Wednesday, shares were down $1.70 or 7.2 percent to $22.01.
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