October 19, 2018 / 5:08 AM / a month ago

Software AG in slight Q3 beat as industrial internet unit ramps up

FRANKFURT, Oct 19 (Reuters) - Software AG, Germany’s No.2 business software firm, reported third-quarter profits and sales that slightly beat market expectations as its new industrial internet division achieved triple-digit growth.

Revenues at the firm specialising in middleware and business databases grew by 7 percent, at constant currency, to 208.8 million euros ($239.3 million), just ahead of mean expectations of 205 million euros in a Reuters poll of analysts.

Non-IFRS earnings before interest and amortisation were flat at 63.8 million euros and net income rose 4 percent to 44.7 million euros.

The Darmstadt-based company confirmed its full-year guidance.

The new Cloud & IoT division reported revenues of 9.1 million euros, up 144 percent. Annual recurring revenues for the unit, a key metric targeted by the company, rose 111 percent, it said. ($1 = 0.8724 euros) (Reporting by Douglas Busvine; Editing by Maria Sheahan)

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