Fortinet (FTNT) reported earnings on Thur 31 Oct 19 (a/h)

** charts after earnings **

 Fortinet beats by $0.11, beats on revs; op margins outpace expectations; guides Q4 above

Reports Q3 (Sep) earnings of $0.67 per share, excluding non-recurring items, $0.11 better than the S&P Capital IQ Consensus of $0.56; revenues rose 20.6% year/year to $547.5 mln vs the $533.55 mln S&P Capital IQ Consensus.

• Billings of $626.6 million, up 19% year over year (Guidance $600-615 mln)
• Deferred revenue of $1.95 billion, up 26% year over year.
• Non-GAAP operating margin of 26%, up 250 basis points year over year (Guidance 23.0-23.5%)

Co issues upside guidance for Q4, sees EPS of $0.69-0.71 vs. $0.65 S&P Capital IQ Consensus; sees Q4 revs of $595-610 mln vs. $585.82 mln S&P Capital IQ Consensus.

• Billings in the range of $750 million to $765 million;
• Non-GAAP gross margin in the range of 75.5% to 76.5%;
• Non-GAAP operating margin in the range of 25.5% to 26.0%