RTTNews | May 28, 2021 09:52AM EDT

09:51 Friday, May 28, 2021 (RTTNews.com) - Shares of Veeva Systems Inc. (VEEV) are rising over 12% Friday morning, after the company revised up its FY guidance, while reporting strong Q1 results.

The stock, which has been trading in the range of $199.00 - $325.54 for the past one year, is currently trading at $297.69, up $33.04 or 12.48%, with trading volume of over 560K versus an average volume of 905K shares.

Q2, FY Guidance

The company projects second-quarter non-GAAP earnings in the range of $0.85 - $0.86 per share, with non-GAAP operating income of $175 million - $177 million, on total revenues of between $450 million and $452 million. Wall Street analysts look for earnings of $0.80 per share on revenue of $428.69 million for the quarter.

For fiscal year ending January 31, 2022, the company now sees non-GAAP EPS of about $3.49, non-GAAP operating income of about $710 million, and total revenues in the range of $1.815 billion - $1.825 billion. Analysts estimate earnings of $3.24 per share and revenue of $1.77 billion for the fiscal year 2022.

Q1 Results First-quarter net income was $115.6 million or $0.71 per share compared to $86.6 million or $0.54 per share a year ago. Non-GAAP net income for the first quarter was $146.9 million or $0.91 per share versus $105.2 million or $0.66 per share in the prior year period.

Analysts polled by Thomson Reuters expected earnings of $0.78 per share for the quarter. Analysts' estimate typically exclude certain special items.

Total revenues for the quarter grew 29% to $433.6 million from $337.1 million generated in the previous year.

Read the original article on RTTNews ( https://www.rttnews.com/3198440/stock-alert-veeva-systems-shares-up-12.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved