Shares of Blackbaud (NASDAQ:BLKB) were climbing today after the company's second-quarter results topped Wall Street's expectations. Blackbaud's stock rose by as much as 16.5% during the trading day.
As of 3:24 p.m. EDT, the company's share price was up 14.7%.
Blackbaud's revenue increased 2.8% in the second quarter to $231.9 million and its adjusted earnings per share of $0.85 was up $0.19 from the year-ago quarter. Those figures easily beat analyst's consensus estimate for revenue of $217.7 million and adjusted earnings of $0.50. As a result, investors quickly pushed Blackbaud's share price up today.
"The second quarter results clearly show the stability in our customer base, durability of the market we serve, as well as our ability to drive increased profitability and cash flow," Tony Boor, Blackbaud's CFO, said in the company's press release. "The early actions taken to bolster our liquidity and increase related borrowing capacity generated a significant cost reduction for the quarter and are planned through the remainder of the year, with some of these temporary actions expected to reverse heading into 2021."
But even with today's huge share price gains, Blackbaud's stock is still down 18.5% since the beginning of this year.
Blackbaud's management didn't provide guidance for the third quarter, which isn't all that surprising considering many companies aren't offering forecasts in the wake of the coronavirus pandemic. But the company's CEO, Mike Gianoni, did say in the press release that "While we continue to be optimistic over the long-term opportunity, the uncertainty of today's environment is likely to put pressure on near-term revenue growth."