Adobe Systems Inc. (NASDAQ: ADBE) has reported earnings which met expectations on the surface. The non-GAAP report was $0.57 in earnings per share on sales of $1.05 billion. Thomson Reuters had estimates of $0.57 EPS on $1.05 billion in sales.
As far as guidance, Adobe sees second quarter earnings at $0.57 to $0.61 in earnings per share and sees the quarterly sales at $1.09 billion to $1.14 billion. Thomson Reuters has estimates of $0.60 EPS and $1.1 billion in sales.
The company is now putting full 2012 estimates for a gain of 6% to 8% in sales and it sees adjusted earnings coming in a range of $2.38 EPS to $2.48 EPS. Thomson Reuters has estimates of $2.42 EPS.
Having a “meet and guide sales and earnings in-line with estimates” quarter was just not going to be good enough. Shares closed up 2% at $34.51 and the after-hours share reaction is currently down 5.5% at $32.63. The 52-week trading range is $22.67 to $35.99.
If Adobe just makes its earnings figure for the year its closing bell price was 14.2-times projected earnings and about 3.2-times projected earnings. Those multiples are not exactly expensive, but the market just doesn’t offer the same multiples for companies as it used to.
JON C. OGG
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
