EXTON, Pa. - Bentley Systems, Incorporated (NASDAQ:BSY), a leading infrastructure engineering software company, reported a slight beat in its fourth-quarter earnings, surpassing analyst expectations. The stock is trading down 0.93%.
The company announced an adjusted EPS of $0.20, which was $0.02 higher than the analyst estimate of $0.18. Fourth-quarter revenue reached $310.6 million, up 8.3% from the same quarter last year, although it fell short of the consensus estimate of $313.24 million.
CEO Greg Bentley attributed the company's robust financial performance to favorable markets and strong operations, highlighting a 12.5% constant currency ARR growth rate and the achievement of their new business target. He also expressed confidence in the company's 2024 outlook, emphasizing investments in asset analytics and AI-driven digital twin services.
For the full year 2024, Bentley Systems anticipates revenues to be in the range of $1.35 to $1.37 billion, aligning with the consensus estimate of $1.37 billion. The guidance reflects the company's optimism for sustained organic growth and operational margin improvements.
CFO Werner Andre remarked on the solid quarter and year, noting the company's strong cash conversion that allowed for the repayment of their revolving line of credit and the ability to raise dividends modestly. He also mentioned the company's plans to continue share buybacks to offset dilution from stock-based compensation and pursue strategic acquisitions.
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