Benzinga | May 20, 2021 10:48AM EDT

Formula Systems Clocks Record Q1 Earnings

* Formula Systems (1985) Ltd (NASDAQ: FORTY) reported first-quarter FY21 revenue growth of 22.8% year-on-year to $572.6 million.

* Gross margin remained stable at 22%.

* The operating income rose 22.3% Y/Y to $47.5 million, with the margin consistent at 8.3%.

* The net income rose 12.7% Y/Y to $12.4 million, translating to EPS of $0.80.

* Formula held $459.6 million in cash and equivalents.

* Formula Systems kicked off 2021 on a strong note across its entire investment portfolio, reaching all-time highs across all its key indices (revenues, gross profit, operating income, EBITDA, and net income), CEO Guy Bernstein said.

* Price action: FORTY shares are up by 0.35% at $87 on the last check Thursday.