LogMeIn scores Q3 beat, announces CFO departure

LogMeIn, Inc. (NASDAQ: LOGM), a provider of cloud-based remote connectivity service, on Thursday reported third-quarter results that surpassed Wall Street predictions.

The company said its revenues for the third quarter rose 2.6% to $316.9 million, ahead of analysts’ estimate of $315 million, driven by the strength of its products.

Meanwhile, adjusted EPS fell by a cent year-over-year to $1.39, even the street was expecting $1.36.

CEO Bill Wagner said in a statement, “Our investments in our growth products continued to pay off in the quarter and enabled us to exceed our guidance.  Led by Jive and LastPass, our growth products grew 34% in Q3 and now account for more than a quarter of our revenue.”

CFO departure

The Boston-based firm, which provides products that allow access to remote systems, said its CFO Ed Herdiech will step down some time next year. Herdiech has been with the LogMeIn for 13 years and was integral to its IPO in 2009.

Outlook

For the fourth quarter, the company currently expects revenues in the range of $319 million to $321 million, while adjusted net income is estimated in the range of $1.39 to $1.41 per diluted share.

For the full year, adjusted revenues are projected to be between $1.258 billion and $1.260 billion, while adjusted EPS anticipated in the range of  $5.12 to $5.14.

LOGM shares have declined 17% since the beginning of this year.

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