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Constellation Software posts quarterly net income growth on strong revenues

Constellation Software Inc. reported a year-over-year increase in net income for the second quarter, primarily driven by higher maintenance and other recurring revenues.

The company posted net income of $52.0 million, or $2.45 per share, in the quarter ending June 30, up from $51.2 million, or $2.41 per share, in the same period last year.

The S&P Capital IQ consensus EPS estimate was $3.62 on a GAAP basis.

Total revenues rose to $752.1 million for the quarter, up from $600.1 million in the prior-year period. Maintenance and other recurring revenues climbed to $508.3 million, compared to $396.6 million in the same quarter last year. The company said its expenses increased to $390.4 million from $296.8 million.

Constellation also declared a dividend of $1 per share for shareholders of record as of Sept. 14, payable Oct. 3.

Net income for the six-month period ending June 30 came in at $134.5 million, or $6.35 per share, compared to net income of $91.6 million, or $4.32 per share, a year ago.