Aspen Technology, Inc. (AZPN) Tops Q3 EPS by 9c; Announces $200M Stock Buyback Plan

Aspen Technology, Inc. (NASDAQ: AZPN) reported Q3 EPS of $0.28, $0.09 better than the analyst estimate of $0.19. Revenue for the quarter came in at $103.6 million versus the consensus estimate of $92.82 million.

AspenTech's Board of Directors approved a share repurchase program for up to $200 million. This program replaces the company’s existing share repurchase program, which had approximately $45 million remaining as of March 31, 2014. The timing and amount of any shares repurchased will be determined by AspenTech based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when AspenTech might otherwise be precluded from doing so under applicable insider trading laws and regulations. The repurchase program may be suspended or discontinued at any time.

“AspenTech delivered a strong third quarter performance that exceeded our guidance across all key metrics. Total license contract value growth year-over-year was over 13% in the third quarter as we continued to see solid customer demand and usage patterns,” said Antonio Pietri, President and Chief Executive Officer of AspenTech.

Pietri added, “Our solid top-line performance and continued expense discipline enabled us to scale our free cash flow generation, which was a quarterly record at over $70 million in the third quarter. We are focused on continuing to use our free cash flow to enhance shareholder value through share buybacks and targeted M&A.”

For earnings history and earnings-related data on Aspen Technology, Inc. (AZPN) click here.

You May Also Be Interested In

• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• Alphabet (GOOG) Tops Q1 EPS by 38c
• SkyWest (SKYW) Tops Q1 EPS by 28c, Beats on Revenue