Boston, MA 04/24/2014 (wallstreetpr) – Citrix Systems, Inc. (NASDAQ:CTXS), a cloud computing company with $11 billion in market cap, announced its active search for a new chief executive officer. The company said that the candidates seeking to become its next CEO must show culture-fit among other qualities to win the job.
According to the current CEO Mark Templeton, interviews for CEO candidates are underway. He disclosed the company has seen interest from several candidates many of whom had previously announced intent to retire this year.
Mr. Templeton recently returned to the company after staying away over a personal leave that allowed him rest following the death of his son. His planned retirement from the company has occasioned the search for his replacement.
He said that the company needs someone that can effectively live up to its culture besides bringing about strong product leadership.
With the competition erecting all around, the CEO observed that the next leader should show ability to overcome competition while creating value for shareholders. The company already has an excellent team of product developers.
Financial results
Citrix Systems, Inc. (NASDAQ:CTXS) reported first quarter results that showed revenue up 12 percent to $751 million. Revenue was $673 million in the corresponding quarter a year ago. Profits in the latest quarter exceeded Wall Street expectations. The company reported earnings per share of 64 cents, topping consensus view of 59 cents. Revenue also topped the consensus estimate of $732.17 million.
The first quarter results suffered the impact of restructuring charges of about $10 million.
Outlook
Citrix Systems expects to generate revenue between $765 and $775 million in the current quarter. The projection compares with the consensus estimate of $785.07 million. As for the earnings, the company expects to register earnings per share in the range of 57 to 59 cents. Analysts on the average expect to see earnings per share of 68 cents.
Concerning the full year 2014, Citrix Systems projected earnings per share between $2.90 and $2.95. Wall Street expects earnings this year to be $2.91.
Cash back to shareholders
Citrix Systems, Inc. (NASDAQ:CTXS) not only plans to create greater value for the shareholders, but the company is already having the interest of shareholders at heart. The company announced that about $1.5 billion has been added in the shares buyback program. The move that should see shareholders taking home significant cash from the company. Moreover, the buyback will help the company to strengthen earnings per share.
