LOS ANGELES (AP) ? Shares of Micros Systems Inc. rose Friday after the supplier of point-of-sale systems for restaurants and hotels reported fourth-quarter earnings that beat analyst expectations.
THE SPARK: Columbia, Md.-based Micros said Thursday that its net income in the three months to June 30 rose 16 percent to $48.2 million, or 59 cents per share, compared to a year ago. Excluding the cost of compensating executives with stock, adjusted earnings came to 68 cents, soundly beating the 59 cents expected by analysts polled by FactSet.
Revenue rose 10 percent to $302.5 million, also beating the $301 million expected.
THE BIG PICTURE: More than 330,000 Micros systems are installed in restaurants, hotels, casinos and retail operations in more than 180 countries. In April, the company said it would acquire Torex Retail Holdings Ltd., an English provider of information technology systems to pubs, convenience stores and gas stations in the U.K. and Europe, for 114.5 million pounds ($181 million).
THE ANALYSIS: Wedbush analyst Gil Luria said in a research note that Micros should continue to benefit from industry trends, a strong market position, an excellent track record of execution and the Torex acquisition, which should benefit earnings.
Luria maintained his earnings estimate for fiscal 2013 of $2.51 per share, which includes an expected drag on earnings due to currency movements of 10 cents per share. That would be up from fiscal 2012's adjusted earnings of $2.22 a share. He maintained an "Outperform" rating on the shares and $65 price target.
SHARE ACTION: Micros shares rose $4.58, or 9.5 percent, to $52.79 in afternoon trading Friday. That's still below its 52-week intraday high of $58.49 reached in early May.
Source: http://news.yahoo.com/micros-shares-head-higher-4q-earnings-beat-180144847--finance.html
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