Fortinet (NASDAQ:FTNT) First Quarter 2024 Results

Key Financial Results

• Revenue: US$1.35b (up 7.2% from 1Q 2023).

• Net income: US$299.3m (up 21% from 1Q 2023).

• Profit margin: 22% (up from 20% in 1Q 2023). The increase in margin was driven by higher revenue.

• EPS: US$0.39 (up from US$0.32 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Fortinet Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 26%.

Looking ahead, revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in the US.

Performance of the American Software industry.

The company's shares are down 8.3% from a week ago.

Valuation

Following the latest earnings results, Fortinet may be undervalued based on 6 different valuation benchmarks we assess. Click here to find out what a fair price for the stock might be and where analysts see the share price heading over the next year.

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