Manhattan Associates Q2 Profit Up, Lifts FY Outlook

Economy

Manhattan Associates Inc. (MANH) Tuesday reported results for the second quarter, with both earnings and revenues beating Street estimates. Moving ahead, the company lifted its outlook as well.

The company reported second-quarter profit of $30.8 million or $0.49 per share, compared to $30.6 million or $0.48 per share last year.

Adjusted earnings for the quarter were $0.69 per share compared to $0.61 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.53 per share last year.

Second-quarter revenues rose to $191.9 million from $166.1 million last year. Analysts had a consensus revenue estimate of $180.19 million for the quarter.

“Manhattan delivered a record second quarter and first half results. Our business momentum is strong, as Q2 cloud revenue growth of 48% and service revenue growth of 19% exceeded our expectations and drove excellent operating results,” said Manhattan Associates president and CEO Eddie Capel.

Looking forward, the company now expects full-year earnings of $2.35 to $2.39 per share and revenues of $733 million to $741 million.

Previously, the company expected full-year earnings of $2.14 to $2.22 per share and revenues of $720 million to $727 million.

Analysts currently estimate earnings of $2.20 per share on revenues of $723.8 million for the full year 2022.

“While we continue to operate in a turbulent global macro environment, our teams are executing very well for our customers, and demand for our cloud-native solutions remains robust. With our business fundamentals strengthening and revenue visibility increasing, we are again raising our 2022 guidance,” said CEO Eddie Capel.

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