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Veritas meets 2Q, warns
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July 17, 2001: 5:26 p.m. ET
Storage software maker cuts second-half EPS, sales guidance
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NEW YORK (CNNfn) - Veritas Software Corp. met Wall Street expectations Tuesday but warned that annual revenue would only grow by 25-to-35 percent.
Excluding adjustments, Mountain View, Calif.-based Veritas Software reported second-quarter net income of $80.5 million, or 19 cents a diluted share, compared with $57.2 million or 13 cents a diluted share for the same time period last year.
Earnings tracker First Call had expected a profit of 19 cents.
Veritas, which specializes in software used to managed and store computer data, said revenue rose 42 percent to $390 million.
"By helping our customers meet their critical IT requirements, we delivered industry leading growth rates despite the weak economic environment," said Chief Financial Officer Ken Lonchar in a statement.
However, the software maker sees annual revenue growth of 25 percent-to-35 percent, down from the previously expected 35 percent-to-50 percent growth, due to weakness in the economy
On a conference call, Veritas said it expects 2001 earnings of 73 to 74 cents a share, significantly lower than First Call's expectations of 84 cents a share.
Veritas reported a net loss of $129 million, or 32 cents a share for the quarter.
Veritas (VRTS: up $3.26 to $50.42, Research, Estimates) shares gained nearly 7 percent ahead of the earnings Tuesday but dropped $7.42 to $43 in after-hours trading. 
from staff and wire reports
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