Magic Software reported revenue and profit growth in Q3 2024, with a decrease in net income overall.
From GlobeNewswire: 2024-11-18 06:41:00
Magic Software Enterprises Ltd. announced financial results for Q3 2024: Revenues increased by 10.4% to $143.0 million, gross profit rose by 7.7% to $39.7 million, and net income for shareholders grew by 18% to $8.4 million. For the first nine months of 2024, revenues increased by 0.1% to $409.9 million, while net income decreased by 8.0% to $26.3 million. Operating income for the first nine months of 2024 increased by 0.9% to $44.5 million. Non-GAAP net income for the first nine months of 2024 decreased by 7.3% to $34.1 million.
In addition, Magic Software’s board declared a semi-annual cash dividend of 23.6 cents per share, totaling approximately $11.6 million, payable on January 8, 2025. The dividend is subject to withholding tax at source and will be paid in US dollars on shares traded on the Tel Aviv Stock Exchange and the NASDAQ Global Select Market.
CEO Guy Bernstein expressed satisfaction with a 10.4% increase in revenues for Q3 2024, reaching $143 million. He credited the company’s strategic focus on delivering value through digital and cloud solutions. Magic Software aims to continue building momentum and enhancing capabilities to meet customer needs globally.
Magic Software will host a conference call on November 18, 2024, to discuss its results. Non-GAAP financial measures are used to provide additional information to investors and management. The company does not consider them in isolation from GAAP measures. Reconciliations of GAAP and non-GAAP results are available for review.
For more information, visit Magic Software’s website. Forward-looking statements are made with caution, and risks and uncertainties are detailed in the company’s reports. Magic® is a registered trademark of Magic Software Enterprises Ltd. Press contact: Ronen Platkevitz, [email protected]. Find detailed financial statements and balance sheets on the company’s website.
Read more at GlobeNewswire:: Magic Software Reports Third Quarter and First Nine Months