08:47 AM EST, 11/13/2024 (MT Newswires) -- CyberArk Software ( CYBR ) raised its full-year outlook on Wednesday as it recorded better-than-expected third-quarter results, while the identity security company named a new finance chief.

The Israel-based firm now anticipates adjusted earnings to be in a range of $2.85 to $2.96 per share for 2024, up from its previous projections of $2.17 to $2.36. Revenue is pegged at $983 million to $989 million, compared with the prior guidance of $932 million to $942 million. The current consensus on Capital IQ is for normalized EPS of $2.41 on revenue of $964 million.

"Demand for our solutions remains strong," Chief Executive Matt Cohen said in a statement. "Given the tremendous market opportunity, the mission critical nature of securing all identities, and durable demand drivers, we are confidently raising our guidance for the full year 2024 across all metrics."

CyberArk's US-listed shares gained nearly 6% in premarket activity.

Adjusted EPS rose to $0.94 for the September quarter from $0.42 the year before, topping the Street's view for $0.46. Revenue advanced 26% to $240.1 million, surpassing analysts' $234.1 million estimate.

Subscription revenue jumped 43% to $175.6 million while the maintenance and professional services segment declined to $61.6 million from $64.3 million. Perpetual license revenue came in at $2.9 million, down from $4.1 million on a yearly basis.

Annual recurring revenue climbed 31% to $926 million, with the subscription portion comprising 79% of the total figure. "Our best-in-class execution and industry leadership in identity security is helping us deliver strong net new ARR, record revenue and increased profitability and cash flow," Cohen said. Total operating expenses widened to $204 million from $175.2 million.

For the ongoing quarter, CyberArk expects adjusted EPS to be in between $0.65 and $0.75 and sales to be at $297 million to $303 million. The guidance includes the expected contribution from the acquisition of machine identity management company Venafi in the beginning of last month.

In a separate statement, CyberArk said Josh Siegel will step down as chief financial officer, effective Jan. 1. Deputy CFO Erica Smith will succeed Siegel, who will transition to advisory. Smith joined the company in 2015 and was appointed deputy CFO this year.

Price: 320.00, Change: +19.24, Percent Change: +6.40