Sourcefire Surges on First-Quarter Forecast: Washington Mover
Sourcefire (FIRE) Inc., a network-security company, rose as much as 16 percent in pre-market trading after demand for protection against cybercrime drove the company’s first-quarter revenue forecast above analysts’ estimates.
The Columbia, Maryland-based company predicted revenue of $40 million to $42 million, according to a statement released yesterday after the close of regular trading. That topped the $38.4 million average estimate of analysts surveyed by Bloomberg. Sourcefire also reported adjusted earnings of 25 cents a share for the 2011 fourth quarter, beating the average estimate of 19 cents.
“With our strong position and all the press given to the threats targeted at the federal government, it’s clear to us that our solutions are a funding priority,” Sourefire Chief Executive Officer John Burris said on a conference call yesterday.
Sourefire rose to $40.80 in pre-market trading at 8:28 a.m. in New York and had climbed as high as $41.50, compared with the close of $35.82 yesterday. The shares advanced 45 percent in the 12 months before today.
To contact the reporter on this story: Alexander Yablon in New York at ayablon@bloomberg.net
To contact the editor responsible for this story: Ville Heiskanen at vheiskanen@bloomberg.net
Rate this Page