Palo Alto Networks (PANW) Tops Q4 EPS by 13c, Beats on Revenues; FY18 EPS/Revenue Mid-Point Guidance Above Consensus

Palo Alto Networks (NYSE: PANW) reported Q4 EPS of $0.92, $0.13 better than the analyst estimate of $0.79. Revenue for the quarter came in at $509.1 million versus the consensus estimate of $487.34 million.

Financial Outlook

Palo Alto Networks provides guidance based on current market conditions and expectations.

For the fiscal first quarter 2018, we expect:

• Total revenue in the range of $482 to $492 million, representing year-over-year growth between 21 percent and 24 percent. Product revenue in the range of $170 to $173 million, representing year-over-year growth between 4 percent and 6 percent.
• Total billings in the range of $580 to $600 million, representing year-over-year growth between 12 percent and 16 percent.
• Diluted non-GAAP net income per share in the range of $0.67 to $0.69 using 93.5 to 95.5 million shares.

For the fiscal year 2018, we expect:

• Total revenue in the range of $2.125 to $2.165 billion, representing year-over-year growth between 21 percent and 23 percent. Product revenue in the range of $735 to $750 million, representing year-over-year growth between 4 percent and 6 percent.
• Total billings in the range of $2.64 to $2.70 billion, representing year-over-year growth between 15 percent and 18 percent.
• Diluted non-GAAP net income per share in the range of $3.24 to $3.34 using 96 to 98 million shares.

GUIDANCE:

Palo Alto Networks sees FY2018 EPS of $3.24-$3.34, versus the consensus of $3.27. Palo Alto Networks sees FY2018 revenue of $2.125-2.165 million, versus the consensus of $2.13 million.

Highlights

Total revenue for the fiscal fourth quarter 2017 grew 27 percent year over year to $509.1 million, compared with total revenue of $400.8 million for the fiscal fourth quarter 2016. GAAP net loss for the fiscal fourth quarter 2017 was $38.2 million, or $0.42 per diluted share, compared with GAAP net loss of $31.4 million, or $0.35 per diluted share, for the fiscal fourth quarter 2016.

Non-GAAP net income for the fiscal fourth quarter 2017 was $85.5 million, or $0.92 per diluted share, compared with non-GAAP net income of $60.3 million, or $0.66 per diluted share, for the fiscal fourth quarter 2016. A reconciliation between GAAP and non-GAAP information is contained in the tables below.

For earnings history and earnings-related data on Palo Alto Networks (PANW) click here.

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