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Fortinet releases FY'18 guidance, names interim CFO

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Fortinet releases FY'18 guidance, names interim CFO

Fortinet Inc. projects full-year 2018 revenue in the range of approximately $1.70 billion to about $1.72 billion.

Non-GAAP EPS for the year is expected to be in the range of $1.30 to $1.32, assuming a non-GAAP tax rate of 24%.

The S&P Capital IQ consensus EPS estimate for the year is $1.20.

For the first quarter, the company predicts revenue in the range of $387.0 million to $393.0 million and non-GAAP EPS of between 21 cents and 22 cents, assuming a non-GAAP tax rate of 24%.

The S&P Capital IQ consensus EPS estimate for the quarter is 22 cents.

Additionally, the company announced that Keith Jensen will succeed CFO Drew Del Matto as interim CFO, effective Feb. 16.

Jensen most recently served as chief administrative officer and chief accounting officer at DataDirect Networks Inc.

The company also reported a net loss of $29.0 million, or a loss of 17 cents per share, in the fourth quarter of 2017, compared with net income of about $25.2 million, or 14 cents per share, in the prior-year quarter.

Non-GAAP net income for the quarter was $55.5 million, or 32 cents per share, compared with $53.2 million, or 30 cents per share, in the year-ago period.

The S&P Capital IQ consensus EPS estimate for the quarter was 29 cents.

For 2017, net income came in at $31.4 million, or 18 cents per share, compared with $32.2 million, or 18 cents per share, in 2016.

Non-GAAP net income for the year was $184.7 million, or $1.04 per share, compared with $129.5 million, or 73 cents per share, in 2016.

The S&P Capital IQ consensus EPS estimate for the year was $1.02.