CA Technologies Gains On Earnings Beat

CA Technologies shares gained 3% in late trading Thursday after the large software company reported better-than expected earnings and projected more revenue than expected in the new fiscal year. CA reported fiscal fourth-quarter net income of $157 million, or 38 cents a share, on sales of $1.01 billion. After adjustments for stock-based compensation and other factors, the company claimed profit of 54 cents a share. Analysts on average expected adjusted earnings of 49 cents a share on revenue of $997 million, according to FactSet. CA projected that its 2018 fiscal year, which began April 1, would produce adjusted earnings of $2.35 to $2.40 a share on revenue of $4.12 billion to $4.17 billion. Analysts on average were projecting non-GAAP earnings of $2.46 a share on revenue of $4.02 billion. CA shares topped $33 in after-hours action following release of the report, after closing with a 0.7% decline at $32.04.