Veeva: Fiscal 1Q Earnings Snapshot

PLEASANTON, Calif. (AP) _ Veeva Systems Inc. (VEEV) on Thursday reported fiscal first-quarter net income of $86.6 million.

The Pleasanton, California-based company said it had net income of 54 cents per share. Earnings, adjusted for one-time gains and costs, were 66 cents per share.

The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.

The provider of cloud-based software services for the life sciences industry posted revenue of $337.1 million in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $324.7 million.

For the current quarter ending in August, Veeva expects its per-share earnings to range from 63 cents to 64 cents.

The company said it expects revenue in the range of $339 million to $341 million for the fiscal second quarter.

Veeva expects full-year earnings in the range of $2.50 to $2.55 per share, with revenue ranging from $1.38 billion to $1.4 billion.

Veeva shares have increased 45% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $204.20, a rise of 46% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VEEV at https://www.zacks.com/ap/VEEV

The Associated Press