Magic Software Enterprises (MGIC) Misses Q4 EPS by 2c, Revenues Miss

Magic Software Enterprises (NASDAQ: MGIC) reported Q4 EPS of $0.12, $0.02 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $72.3 million versus the consensus estimate of $73.75 million.

• Revenues for the fourth quarter increased 9% to $72.3 million compared to $66.2 million in the same period last year.
• Operating income for the fourth quarter increased 37% to $8.4 million compared to $6.2 million in the same period last year.
• Non-GAAP operating income for the fourth quarter increased 15% to $10.0 million compared to $8.7 million in the same period last year.
• Net income attributable to Magic's shareholders for the fourth quarter increased 20% to $4.5 million, or $0.06 per fully diluted share, compared to $3.8 million, or $0.09 per fully diluted share in the same period last year.
• Non-GAAP net income attributable to Magic's shareholders for the fourth quarter increased 21% to $5.8 million, or $0.12 per fully diluted share, compared to $4.8 million, or $0.11 per fully diluted share, in the same period last year.

Guy Bernstein, Chief Executive Officer of Magic Software Enterprises, said:

“We are pleased to report a strong finish to 2018 with double-digit growth for the full year of 2018, powered by strong demand across our entire portfolio and throughout all of our regions. We enjoyed nine year consecutive all-time high annual revenues of $284 million and non-GAAP operating income of $39.5 million for the year, up 10% and 12% respectively year over year, driven primarily by organic growth. We expect our strong financial position, coupled with our actions in 2018 to promote and grow our markets, to continue our momentum into 2019”, added Bernstein

For earnings history and earnings-related data on Magic Software Enterprises (MGIC) click here.

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