Shares of SS&C Technologies (SSNC 2.33%) closed Friday up 10.6% after the financial services software company announced strong third-quarter results and raised its full-year outlook.
More specifically, SS&C's adjusted revenue grew 14.7% year over year to $1.151 billion, translating to a 17.7% increase in adjusted earnings to $0.93 per share. Both figures compared favorably to SS&C's latest guidance, which called for revenue of $1.123 billion to $1.153 billion, and adjusted earnings per share of $0.85 to $0.91.
SS&C CEO Bill Stone called it "an eventful quarter," pointing to recent management changes to help re-accelerate growth, a new $500 million share repurchase program authorized in August, and two strategic acquisitions last month.
SS&C also told investors to expect fourth-quarter revenue of $1.154 billion to $1.184 billion, and adjusted net income per share of $0.95 to $0.97. By comparison, most analysts were modeling for fourth-quarter earnings of $0.94 per share on revenue slightly below the midpoint of SS&C's expected range.
Finally, SS&C raised its full-year outlook, calling for 2019 revenue of $4.611 billion to $4.641 billion (up from $4.571 billion to $4.631 billion previously), and adjusted net income of $973.3 million to $990.3 million (up from its old target range of $947.5 million to $988.5 million).
In the end, with shares trading roughly flat over the past year and down around 23% from their 52-week high set in April, it's no surprise to see the stock rebounding as investors absorb the implications of this beat and raise.