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Technology / AI and automation

CA Technologies profits up

Software maker CA Technologies has beaten analysts’ expectations after it reported an increase in profits for the quarter despite a dip in revenues.

The New-York based company said profits for the quarter ending June 30, 2013 hit $335m (£217m) from $240m last year, as sales fell 1% to $1.12bn.

The results beat the expectations of analysts, who had predicted sales of $1.104bn.

CA Technologies, which has been selected as a supplier by the UK Government’s cloud procurement framework, said sales were offset by a $181m tax benefit for the years2005-2007 from the US Revenue Service.

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CA Technologies’ CEO, Mike Gregoire, said: "We did better than expected on the revenue line and were able to capitalize on organizational efficiencies, expense management and a tax benefit to drive earnings growth.

"Our cash flow from operations was down, but that was expected and we are confident in meeting our full year outlook in all areas."

The company said it expects earnings to decrease by 6% to 11%, revenues by 2% to 4% and cash flows up to 30%, as the company invests in new products and pays more tax..

"We are beginning to make progress in driving efficiencies across our business, getting traction in SaaS, Mobility and new customer acquisition, as well as improving the overall competitiveness of our products," added Gregoire.

 
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