Aruba Networks Inc., a maker of components for mobile devices, surged the most in a year after reporting fiscal fourth-quarter sales and profit that exceeded the company’s forecast and analysts’ estimates.
The shares climbed 14 percent to $19.36 at the close in New York, for the biggest gain since Aug. 26, 2011. The stock has gained 4.5 percent this year.
Revenue in the period ended in July rose 22 percent to $139.2 million, exceeding the company’s May forecast for sales of $136 million to $138 million, the Sunnyvale, California-based company said in a statement yesterday. Profit excluding some items was 18 cents a share, topping the company’s projection of 16 to 17 cents. Analysts on average had expected adjusted profit of 17 cents a share on sales of $136.9 million, according to data compiled by Bloomberg.
Aruba posted a “solid year-end finish, and frankly better than we expected,” said Joanna Makris, an analyst at Mizuho Securities Inc. in New York, in a research report. “We continue to view Aruba as a primary beneficiary of pervasive mobile device and tablet adoption in the enterprise - a market we believe is hitting an inflection point, requiring an architectural shift in the access network.”