Boston, MA 09/03/2014 (wallstreetpr) – System software provider to the property and casualty insurance industry, Guidewire Software Inc (NYSE:GWRE) Chief Executive Officer Marcus Ryu said that the company would invest on product enhancements on InsuranceSuite in the next fiscal year 2015 to stay tuned with market conditions.
CEO Comments
Ryu disclosed that as the leading core operational platform, the company would invest in its InsuranceSuite product incorporating fresh initiatives such as hosted analytics, mobile/portal capabilities and data management, the company said in a press statement.
The CEO also said that it would continue to focus on winning a leading share of its new core system software. He added that the tactics of product enhancement would allow them to lead the ongoing changes of the way the casualty and property insurance are delivered.
Ryu attributed the strong profitability and revenue in the fourth quarter to its extension of its leadership position in the marketplace.
4Q Results
Guidewire Software Inc (NYSE:GWRE) reported net income of $19.8 million for the fourth quarter, up from $13.8 million and the earnings rose to 28 cents a share from 22 cents a share in the year-ago quarter. On an adjusted basis too, net income increased to $26.4 million from $16.6 million while earnings grew to 37 cents a share from 27 cents a share in the previous year quarter. On average, Street analysts’ predicted the company to earn 28 cents a share.
Total revenues advanced 22% to $118.21 million from $96.91 million in the prior year quarter. While revenue from license grew 34% to $65.91 million from $49.08 million, revenue from maintenance rose 21% to $11.92 million from $9.87 million in the year earlier quarter. Similarly, revenue from Services grew to $40.38 million from $37.96 million in the year-ago quarter.
Other Metrics
Guidewire Software Inc (NYSE:GWRE)’s gross profit advanced to $79.56 million from $61.46 million while operating costs grew to $53.14 million from $42.33 million in the previous year quarter. As a result, income from operations also increased to $26.4 million from $19.13 million in the year earlier quarter.
Guidewire Software Inc (NYSE:GWRE) closed the quarter with cash and cash equivalents of $148.1 million.
