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Atlassian stock jumps on Q2 earnings beat, strong guidance

Atlassian Corp. (TEAM), a provider of productivity software solutions, Thursday reported strong revenue growth for the second quarter, with positive contributions from all business segments. Consequently, earnings increased and topped estimates, sending the stock soaring in the after-hours trading.

Adjusted earnings, on a non-IFRS basis, moved up to $61.7 million or $0.25 per share from $32.0 million or $0.13 per share in the prior-year quarter.  Analysts had forecast a slightly lower profit. On an unadjusted basis, the company reported earnings of $0.18 per share, compared to a loss of $0.28 per share a year earlier.

At $299 million, revenues of the tech firm were up 39% compared to the second quarter of 2018 and far above the consensus estimate. All the four business units registered growth, with the largest contributor being the subscription segment.

All four business units registered growth during the quarter, with the largest contributor being the subscription segment

The performance in the second quarter benefitted from the addition of more than 6,500 customers, which included clients who joined as a result of Atlassian’s acquisition of Opsgenie. The company closed the acquisition in October last year for $295 million.

“The quarter highlighted the growing demand for Atlassian products to drive digital transformation in businesses large and small. Our flagship product, Jira Software, surpassed 65,000 customers, and we ended the quarter with more than 138,000 total customers, underscoring the growth opportunity for Jira just within our installed base,” said Atlassian co-CEO Scott Farquhar.

For the third quarter, the management expects a net loss of $0.14 per share on a reported basis and a net income of $0.18 per share on an adjusted basis. Revenue is estimated to be in the range of $303 million to $305 million.

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For the whole of 2019, the company forecasts adjusted earnings between $0.81 per share and $0.82 per share and net loss of $1.07-$1.06 per share on an unadjusted basis. Full-year revenues are expected to be $1.20 billion.

After descending from a record high, Atlassian shares are once again hovering near the peak. The stock, which surged about 76% in the past twelve months, gained 8% Thursday after the earnings report.

 

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Legal charges drag JB Hunt’s Q4 earnings

Trucking and logistics provider J.B. Hunt Transport Services (NASDAQ: JBHT) reported its fourth-quarter results after the bell. The firm reported mixed results as its earnings failed to beat analyst estimates due to tax-related charges whereas revenue came in line with street consensus.

The logistics firm saw a 77% drop in earnings of $0.81 per share primarily due to $134 million charge recorded for the ongoing legal proceedings with the BNSF Railway Company. Revenue increased 16% to $2.32 billion aided by broad-based growth from all divisions. It’s worth noting that analysts were expecting JB Hunt to report earnings of $1.48 per share on revenues of $2.3 billion. In the prior year period, revenue was $1.99 billion and EPS was $0.87.

On the segment performance, Intermodal (JBI) saw a 15% jump in revenues aided by improved revenue per load numbers.  This segment brings in more than 50% of JB Hunt’s top line. Dedicated Contract Services (DCS) sales increased 25% due to improvement in productivity and new fleet additions.

J.B. Hunt Transport Services fourth quarter 2018 earnings infographic

Integrated Capacity Solutions (ICS) revenue rose 7% helped by healthy growth in volumes. Truck (JBT) segment benefited from improved revenue per load numbers resulting in a 21% jump in sales.

Earlier this month, the company acquired Cory 1st Choice Home Delivery for $100 million through its subsidiary JB Hunt Transport. This deal is expected to boost its last mile delivery offerings in the furniture delivery domain to its customers. DCS segment is going to benefit from this purchase in terms of expanded geographic presence and warehouses which would augur well to the top line.

JB Hunt’s shares are up 7% after the bell post the earnings announcement. Last year, the logistics firm has lost nearly 18% touching new 52-week low in December.

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