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NEW YORK - Shares of Teradata Corp. rose Tuesday after the database manager said its third-quarter profit doubled, boosted by margin improvements that offset the effects of flat revenue.
Teradata shares rose $1.34, or 8.8 percent, to $16.65 after peaking at $17.49 earlier in the day. Over the past 52 weeks, the company's shares have traded between $14.03 and $28.
Teradata reported third-quarter net income of $60 million, or 33 cents per share, compared with $29 million, or 16 cents per share, for the year-earlier period.
The recent quarter's results included an impairment charge of $3 million, or 1 cent per share, and an increase in the income tax provision of $3 million, or 2 cents per share. Excluding those items, the company posted an adjusted profit of 36 cents per share compared with an adjusted 29 cents per share in the 2007 quarter.
Revenue totaled $439 million for both quarters.
Analysts polled by Thomson Reuters expected a profit of 33 cents per share on $444.9 million in revenue.
Gross margin was 54 percent, up from 52.2 percent in the third quarter of 2007. Teradata credited the improvement to a favorable mix of transactions, contribution from maintenance services and currency translation benefits.
But the company cut its 2008 forecast, citing changes in currency exchange rates and the slowing of economies around the world.
The company said it now expects to post a profit of $1.27 to $1.37 per share, down from its previous prediction of $1.35 to $1.45 per share. Excluding charges, Teradata said it expects to post an adjusted profit of $1.30 to $1.40 per share, down from its previous estimate of $1.35 to $1.45 per share.
Analysts, on average, expect a profit of $1.36 per share.
The company said it now expects to post revenue growth of 1 percent to 4 percent for the quarter, down from previous projections of 5 percent to 8 percent growth.
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