ClickSoftware Gains as Sales Outlook Beats Analysts’ Projections
ClickSoftware Technologies Ltd. (CKSW), the Israeli company that makes computer programs used to manage workforces, rallied the most in three weeks after its 2013 sales forecast beat analysts’ estimates.
The shares advanced 1.9 percent to $8.15 by 11:11 a.m. in New York, set for the biggest one-day advance since Jan. 15. The Bloomberg Israel-US Equity Index of the largest New York-traded Israeli stocks dropped 0.3 percent to 86.79.
ClickSoftware said revenue this year could be within a range of $120 million to $125 million, according to a PRNewswire statement today, above the $118.6 million mean of five analysts’ estimates compiled by Bloomberg. The Petach Tikva-based company expanded its own workforce by 25 percent in 2012, adding about 100 employees as it gained 10 new customers.
“Investors are appreciating that Click’s investments in the company are materializing in the form of higher growth,” Daniel Meron, an analyst at RBC Capital Markets, who has the equivalent of a buy rating on the shares, said by phone from Tel Aviv. “The upshot is that sustained growth in coming years should provide better earnings in the long run.”
ClickSoftware’s profit forecast of 24 cents to 30 cents per share in 2013 fell short of analysts’ average projection of 41 cents per share.
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