The combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. Our proven model does not predict an earnings beat for Fortinet this season. Management had estimated capital expenditures for the fourth quarter between $40 million and $50 million, in the company’s last earnings call. However, capital expenditures are expected to be sequentially higher. The Zacks Consensus Estimate for quarterly Services revenues is pinned at $454 million, calling for 20.7% year-over-year growth.īesides, the company is expected to have benefited from its IoT offerings with the Forti- ASIC SPU technology, which provides a cost and performance advantage over its competitors. The Zacks Consensus Estimate for Product revenues in the December-end quarter is pinned at $268 million, suggesting 12% year-over-year growth.Īlso, FortiGuard security subscriptions and FortiCare technical support services are likely to have maintained solid traction, supporting the company’s Services segment. The rapid adoption of FortiGate-based secure SD-WAN offerings is likely to have aided the company’s Product segment. Management expects billings in a band of $890-$920 million for the fourth quarter. Quoteįortinet’s fourth-quarter performance is expected to have benefited from robust momentum in FortiGate virtual machines, which is driving its private and public cloud billings. Let’s see how things have shaped up for the upcoming announcement.
The company’s earnings surpassed the consensus mark in the trailing four quarters, the average surprise being 16.89%. The Zacks Consensus Estimate is pegged at 96 cents per share, indicating a year-on-year increase of 26.32%. Non-GAAP earnings per share are projected at 95-97 cents. The Zacks Consensus Estimate for revenues is pegged at $722.37 million, calling for year-over-year growth of 17.57%. The company anticipates quarterly revenues of $710-$730 million. FTNT is slated to report fourth-quarter 2020 results on Feb 4.
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