Dual software company
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(NYSE: MGIC), publishes its results for the second quarter of 2020, in which it presented an improvement both in the top line with an increase of 12% and in the bottom line with an increase of 14%. Meanwhile, the company beat analysts’ expectations in revenue and adjusted net income and provides a higher-than-expected revenue forecast.
Her income Of the company in the second quarter amounted to approximately $ 86.5 million, an increase of 12% compared to approximately $ 77.1 million in the corresponding quarter last year. The company’s revenues were above analysts’ expectations of revenues of about $ 84 million.
Bottom line, Magic concludes the quarter with Adjusted Net Profit (Non-GAAP), Of about $ 8.1 million or 17 cents per share, an increase of about 14%, compared to about $ 7.1 million or 14 cents per share in the corresponding quarter. The company exceeded analysts’ expectations of earnings of about 15 cents per share.
The lower range of the forecast in line with analysts’ expectations
Magic confirms the previous forecast for 2020 and expects annual revenues to be in the range of $ 350 million to $ 360 million, reflecting an annual growth rate of 7.5% -10.6%. Analysts expected revenue of about $ 351 million by 2020.
Operating profit On a non-GAAP basis in the second quarter of 2020 it increased by about 14% to about $ 12.2 million, compared to a total of $ 10.7 million in the corresponding quarter last year.
Magic announces a semi-annual dividend distribution
The company announces a dividend distribution for the first half of 2020 in the amount of 17.5 cents per share and a total amount of approximately $ 8.6 million, which constitutes approximately 75% of earnings in the period. The dividend will be paid on September 10, 2020 and the ex-day on August 27 with the closing of trading on the Nasdaq.
Guy Bernstein, CEO of Magic Software Industries: “Despite the outbreak of the corona virus starting in March 2020, Magic’s revenue forecast for the year 2020 has improved due to an increase in demand for digital transformation projects, both from existing and new customers. .
“We are pleased to see that Magic’s strong and stable financial positioning, coupled with our constant efforts to become the preferred provider in the digital transformation market, is indeed paying off. We are also committed to continuing to make every effort to enrich the company’s product and services basket through organic growing And mergers and acquisitions activities, with the aim of consolidating under one roof all the products and services for digital transformation (one-stop-shop). ”
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