Check Point Software Up on Earnings

Shares of Check Point Software Technologies (NASDAQ: CHKP) are rallying over 5.5% in morning trade after the company reported better than expected fourth quarter profits and revenues.

The company reported fourth quarter revenue rose 12%, year over year, to $356.8 million slightly exceeding analyst estimates of $355.8 million. Net profit came in at 84 cents a share beating analyst forecasts of 82 cents a share.

The company also said it expects revenue in a range of $305 million to $315 million, and EPS, excluding some costs, of 69 cents to 73 cents a share for the current quarter. That is at the midpoint of the Street consensus of $313.7 million and 72 cents a share.

“The fourth quarter provided a great finish to an excellent year with revenues and earnings reaching all-time highs, and exceeding our initial projections for the year. We experienced exceptional performance across all key business metrics: products, annuity software blades and services. We continued to expand and elevate the security of our customers with the introduction of new and innovative software blades throughout the year.

In the fourth quarter, we delivered a newly upgraded appliance product line that included our latest super-high-end 61000 systems. We are very pleased with the acceptance and enthusiasm surrounding our new products and technologies in the marketplace,” said Gil Shwed, founder, chairman and chief executive officer at Check Point Software Technologies.

“We had a terrific year in 2011 with the introduction of new technologies and record financial results. As cyber-attacks and security risks reach new levels of sophistication, customer expectations for their security infrastructure also increase. Our ability to innovate and deliver new and innovative security products and technologies provide customers with the ability to attain higher levels of security, while consolidating their security infrastructure and reducing the total cost of ownership. In closing, I would like to thank our customers and partners for their support, as well as our employees for their continued dedication and innovation that made 2011 such a great year,” concluded Shwed.