Fair Isaac Corp. has updated its outlook for fiscal 2017 and now expects to record GAAP net income of $126 million, or $3.92 per share, up from previous guidance of $109 million or $3.39 per share.
The S&P Capital IQ consensus GAAP EPS estimate for 2017 is $3.46.
The new guidance was the result of an accounting standards update adopted in October 2016. As a result of the update, the company no longer records excess tax benefits as an increase to additional paid-in capital. It instead records them on a prospective basis as a reduction of income tax expense. That amounted to $17.3 million for the quarter ending Dec. 31, 2016. The impact for future periods is not reflected in the fiscal 2017 guidance.
Fair Isaac also reiterated full-year revenue expectations of $925 million.
For the first fiscal quarter of 2017, Fair Isaac reported GAAP net income of $37.9 million, or $1.16 per share, compared with $19.2 million, or 59 cents per share, a year ago.
Non-GAAP net income was $33.5 million, or $1.03 per share, up from $32.1 million, or 99 cents per share, in the prior-year period.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.05.