Red Hat beats by $0.03, misses on revenue and billings; guides Q4 EPS in-line, revs below consensus; CFO Frank Calderoni is leaving to be CEO of another company; VP Eric Shander named interim CFO :
- Reports Q3 (Nov) earnings of $0.61 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.58; revenues rose 17.5% year/year to $615.3 mln vs the $618.46 mln Capital IQ. Subscription revenue for the quarter was $543 million, up 19% in U.S. dollars year-over-year, or 18% measured in constant currency. Subscription revenue in the quarter was 88% of total revenue.
- Billings $679 mln vs estimates near $700 mln.
- Co issues guidance for Q4, sees EPS of ~$0.61, excluding non-recurring items, vs. $0.61 Capital IQ Consensus; sees Q4 revs of $614-622 mln vs. $638.17 mln Capital IQ Consensus Estimate.
- Frank Calderoni notified Red Hat of his decision to step down as Executive Vice President, Operations and Chief Financial Officer of Red Hat, effective in late January 2017, to enable him to accept a chief executive officer position at another company. Mr. Calderoni has indicated that he would make himself available to Red Hat after the effective date of the resignation for transitional support, as needed.
- Jim Whitehurst, President and CEO, after consulting with the Board of Directors of Red Hat, announced that upon Mr. Calderoni's resignation in January, Red Hat intends to appoint Eric Shander, Vice President, Finance and Accounting and our principal accounting officer, to act as the CFO of Red Hat, pending a decision on a permanent replacement.
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