May 10, 2018 / 11:00 AM / a year ago

Israeli software provider Nice lifts profit forecast after strong start to 2018

JERUSALEM, May 10 (Reuters) - Israeli software provider Nice reported better-than-expected first-quarter revenues on Thursday and lifted its full-year profit forecast, bolstered by its cloud and analytics tools.

Nasdaq and Tel Aviv-listed Nice, set up in 1986, said it earned $1.03 per diluted share excluding one-time items in January-March, up from 89 cents a year ago and beating analysts’ forecast for $1.01 per share, according to Thomson Reuters I/B/E/S.

Revenue jumped 11 percent to $341 million, ahead of analysts’ estimate of $333 million, with cloud revenue up 32 percent to $106 million.

For 2018, Nice raised its adjusted EPS forecast to $4.43-$4.63 from $4.40-$4.60. It expects 2018 revenue of $1.434 billion-$1.458 billion. Analysts were forecasting adjusted EPS of $4.51 on revenue of $1.445 billion.

For the second quarter Nice estimates adjusted EPS of $1.00 to $1.06 and revenue of $338-$348 million.

Nice has been banking on analytical tools, which allow companies to assess large amounts of data to spot fraud and security threats, to deliver faster growth.

“We continue to capture high quality cloud revenue as demonstrated by the continued increase in our cloud profitability,” said Nice CEO Barak Eilam, noting that an increasing number of customers in all market segments were adopting its cloud platform.

“Our investments in innovation, especially cloud, analytics and artificial Intelligence, puts us in a unique position to further differentiate our offering and strengthen our competitive position,” he added.

Reporting by Steven Scheer; Editing by Susan Fenton

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