RTTNews | Aug 10, 2021 12:15PM EDT

12:15 Tuesday, August 10, 2021 (RTTNews.com) - California-based cloud operated financial services company Model N, Inc. (MODN) is 10% higher on Tuesday largely due to improved adjusted earnings. Both earnings and revenue managed to beat estimates.

The net loss for the company was $7.80 million or $0.22 per share, compared to a loss of $2.40 million or $0.07 loss per share last year. On an adjusted basis, the income was $5.7 million or $0.16 per share, up from $5.17 million or $0.15 per share. Nine analysts polled by Thomson Reuters estimated the earnings to be $0.02 per share.

The revenue also increased to $51.03 million from $41.25 million last year. The street projection for revenue was $48.86 million.

The company, for the fourth quarter, expects $50.5 million to $51 million in revenue with a net income of $4.80 million to $5.30 million with $0.09 to $0.11 earnings per share. Analysts are expecting $49.88 million in revenue with $0.02 earnings per share.

For the full year, the company outlook projects revenue in the range of $192.5 million to $193 million while net income is expected to be $22.3 million to $22.8 million with an earning of $0.45 to $0.47 per share. Street view for the year is $189.56 million in earnings with $0.23 per share.

The shares are currently trading at $36.24, up $3.65 or 11.20% since $32.59 at the bell on Monday. The shares opened at $37.19 and in the 52-week period, the shares have ranged between $28.98 and $48.20.

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