Magic Software beats 4Q profit forecasts

Magic Software Enterprises Ltd. (MGIC) on Friday reported fourth-quarter net income of $2.8 million.

The Or Yehuda, Israel-based company said it had profit of 6 cents per share. Earnings, adjusted for one-time gains and costs, were 13 cents per share.

The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.

The business process integration software company posted revenue of $42.5 million in the period, which did not meet Street forecasts. Analysts expected $44 million, according to Zacks.

For the year, the company reported profit of $15.4 million, or 36 cents per share. Revenue was reported as $164.3 million.

Magic Software shares have declined 5 percent since the beginning of the year. The stock has decreased 29 percent in the last 12 months.


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