Aruba Networks Surges as Profit Exceeds Analysts’ EstimatesCrayton Harrison
Aruba Networks Inc., which makes wireless-network equipment for the U.S. military, schools and retailers, gained the most in more than three years after beating estimates for profit and sales.
Earnings in the fiscal second quarter, leaving out some items, were 22 cents a share, beating the 19-cent average estimate of analysts, according to data compiled by Bloomberg. Aruba, based in Sunnyvale, California, forecast third-quarter sales of at least $159 million, topping the $158.2 million estimate.
Aruba is taking advantage of demand for equipment as more companies provide wireless access to customers and employees. The company said in a statement yesterday it installed its technology for Rex Healthcare Inc. and Connecticut’s Quinnipiac University during the quarter.
Aruba climbed 22 percent to $25.40 at the close in New York, the biggest gain since May 2009. The Standard & Poor’s 500 Index, by comparison, rose 0.9 percent today.