Free Post Earnings Research Report: Fortinet’s Quarterly Revenues Jumped 15%; Adjusted EPS Climbed 6.7%

Stock Monitor: Zix Corp. Post Earnings Reporting

LONDON, UK / ACCESSWIRE / February 27, 2018 / Active-Investors.com has just released a free earnings report on Fortinet, Inc. (NASDAQ: FTNT). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FTNT. The Company reported its fourth quarter fiscal 2017 operating and financial results on February 05, 2018. The network security Company outperformed top- and bottom-line expectations, and provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Zix Corporation (NASDAQ: ZIX), which also belongs to the Technology sector as the Company Fortinet. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Fortinet most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For Q4 2017, Fortinet’s total revenues advanced 15% to $416.7 million compared to $362.8 million in Q4 2016. The Company’s revenue numbers topped analysts’ estimates of $408.6 million.

During Q4 2017, Fortinet’s GAAP operating income was $42.2 million, representing a GAAP operating margin of 10%, compared to a GAAP operating income of $45.2 million, or a GAAP operating margin of 12%, for Q4 2016. For Q4 2017, Fortinet’s non-GAAP operating income was $78.7 million, reflecting a non-GAAP operating margin of 19%, versus a non-GAAP operating income of $81.1 million, or a non-GAAP operating margin of 22%, for Q4 2016.

For Q4 2017, Fortinet posted a GAAP net loss of $29.0 million compared to a GAAP net income of $25.2 million for Q4 2016. The Company’s GAAP diluted net loss was $0.17 per share for the reported quarter, based on 171.5 million diluted weighted-average shares outstanding, compared to a GAAP diluted net income of $0.14 per share for the prior year’s same quarter, based on 176.7 million diluted weighted-average shares outstanding. Fortinet’s Q4 2017 results were impacted by a one-time tax expense of $63.0 million, or $0.36 per share, resulting from the Tax Cuts and Jobs Act 2017 (TCJA) signed into law in December 2017.

Fortinet’s non-GAAP net income was $55.5 million, or $0.32 per share, for Q4 2017 compared to a non-GAAP net income of $53.2 million, or $0.30 per share, for Q4 2016. The Company’s earnings beat Wall Street’s estimates of $0.29 per share.

For the full year FY17, Fortinet’s total revenues advanced 17% to $1.49 billion compared to $1.28 billion in FY16.

For FY17, Fortinet’s GAAP net income was $31.4 million, or $0.18 per share, compared to a GAAP net income of $32.2 million, or $0.18 per share, for FY16. The Company’s net income in FY17 was impacted by a one-time tax expense of $63.0 million, or $0.35 per share, resulting from the TCJA. Fortinet’s non-GAAP net income was $184.7 million, or $1.04 per share, for FY17 compared to a non-GAAP net income of $129.5 million, or $0.73 per share, for FY16.

Operating Results

During Q4 2017, Fortinet’s Product revenues grew 2% to $162.1 million compared to $158.9 million in Q4 2016. The Company’s Service revenues were $254.6 million, reflecting an increase of 25% versus $203.9 million in the year earlier comparable quarter.

Fortinet’s total billings jumped 15% to $534.0 million for Q4 2017 compared to $463.4 million in Q4 2016.

Fortinet’s total deferred revenues were $1.34 billion as of December 31, 2017, reflecting an increase of 29% compared to $1.04 billion as of December 31, 2016.

Cash Matters

As of December 31, 2017, Fortinet’s cash, cash equivalents, and investments were $1.35 billion compared to $1.52 billion as of September 30, 2017. In Q4 2017, the Company’s cash flow from operations was $157.5 million compared to $101.0 million in Q4 2016, while free cash flow was $143.9 million compared to $84.2 million in the year earlier corresponding quarter.

In FY17, Fortinet’s cash flow from operations was $594.4 million compared to $345.7 million in FY16. The Company’s free cash flow was $459.1 million in FY17 compared to $278.5 million in FY16. In FY17, Fortinet used $107.2 million for real estate purchases for its Canada and Sunnyvale offices.

During Q4 2017, Fortinet repurchased 7.9 million shares of its common stock for a total purchase price of $322.4 million. During FY17, the Company repurchased 11.2 million shares of its common stock for a total purchase price of $446.3 million.

Guidance

For the first quarter of FY18, Fortinet is forecasting revenues to be in the range of $387.0 million to $393.0 million, and billings to be in the band of $449.0 million to $457.0 million. The Company is estimating non-GAAP operating margin to be in the range of 12% to 13%, and non-GAAP earnings per diluted share to be in the band of $0.21 to $0.22.

For the full fiscal year 2018, Fortinet is projecting revenues to be in the range of $1.695 billion to $1.715 billion, and billings to be in the band of $2.03 billion to $2.05 billion. The Company is expecting non-GAAP operating margin to be in the range of 17.7% to 18%, and non-GAAP earnings per diluted share to be in the band of $1.30 to $1.32.

Stock Performance Snapshot

February 26, 2018 – At Monday’s closing bell, Fortinet’s stock was marginally up 0.90%, ending the trading session at $50.32.

Volume traded for the day: 1.11 million shares.

Stock performance in the last month – up 10.81%; previous three-month period – up 20.47%; past twelve-month period – up 35.45%; and year-to-date – up 15.18%

After yesterday’s close, Fortinet’s market cap was at $8.63 billion.

Price to Earnings (P/E) ratio was at 299.52.

The stock is part of the Technology sector, categorized under the Application Software industry. This sector was up 1.2% at the end of the session.

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