Check Point Software Technology (CHKP) Tops Q4 EPS by 2c; Approves $250M Buyback

Check Point Software Technology (NASDAQ: CHKP) reported Q4 EPS of $1.07, $0.02 better than the analyst estimate of $1.05. Revenue for the quarter came in at $421 million versus the consensus estimate of $416.13 million.

The company also announced that its board of directors has authorized an extension and expansion to the company's on-going share repurchase program. Under the updated plan, effective immediately, Check Point is authorized to increase the quarterly repurchase of its outstanding shares by 25% up to $250 million and the overall program by 50% to an aggregate of $1.5 billion. In 2014, we repurchased approximately 11.2 million shares in an aggregate amount of approximately $765 million which represented an average repurchase per quarter of $191 million.

As of December 31, 2014, Check Point has approximately 183.8 million ordinary shares outstanding. Check Point began its share buyback program in 2003, and has since repurchased approximately 115.7 million shares for a total purchase price of approximately $3.8 billion. The new plan replaces the previous repurchase plan adopted in January 2014, which provided for the repurchase of up to $200 million of shares each quarter, up to an aggregate of $1 billion.

"We believe that our market leadership and long term growth prospects make this an effective time to further utilize our cash to increase shareholder value," said Tal Payne, chief financial officer of Check Point Software Technologies Ltd.

For earnings history and earnings-related data on Check Point Software Technology (CHKP) click here.

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