NORTH KANSAS CITY (dpa-AFX) - Cerner Corp. (CERN) Thursday reported a higher profit for the first quarter, due mainly to a 30 percent growth in revenues.
The North Kansas City, Missouri-based company reported first-quarter net profit of $88.71 million or $0.51 per share, compared to $64.56 million or $0.37 per share in the year-ago quarter.
Excluding share-based compensation expenses, adjusted net income for the quarter rose to $94.23 million or $0.54 per share from $69.11 million or $0.40 per share in the prior-year quarter. On average, 20 analysts polled by Thomson Reuters expected the company to earn $0.50 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 30 percent to $641.21 million from $491.66 million in the prior-year quarter. Seventeen analysts had a consensus revenue estimate of $578.39 million for the quarter.
Looking ahead, the company expects second quarter adjusted earnings in the range of $0.52 to $0.54 per share. Revenues for the second quarter are anticipated in the range of $620 million to $640 million. Analysts currently expect the company to earn $0.54 per share for the quarter, with revenues of $605.24 million.
The company lifted its adjusted earnings guidance for the full-year 2012 to a range of $2.25 to $2.32 per share from previous estimate of $2.20 to $2.30 per share. The company also increased its revenue guidance for 2012 to a range of $2.53 billion to $2.60 billion from previous estimate of $2.43 billion to $2.50 billion. Analysts currently expect earnings of $2.28 per share for the year, with revenues of 2.50 billion.
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