UPDATE: SAP Raises Outlook After Sybase Buy As Profit Rises
27 Julho 2010 - 4:03AM
Dow Jones News
SAP AG (SAP) Tuesday raised its 2010 sales outlook after the
acquisition of U.S. software vendor Sybase Inc. (SY) and posted a
15% rise in second-quarter net profit as the recovery in demand for
business software continued.
The business software giant, which competes with Microsoft Corp.
(MSFT) and Oracle Corp. (ORCL), said second-quarter net profit rose
to EUR491 million from EUR426 million a year earlier, slightly
below expectations for EUR525 million.
Software and software-related services revenue--a key
performance figure that reflects revenue from software sales,
maintenance and consulting services--increased 16% to EUR2.26
billion, beating analysts' expectations of EUR2.14 billion. At
constant currencies and on a non-IFRS basis, the key figure was up
8%.
"Customers continue to invest for growth across large, midsized
and small enterprises and within many industries," co-chief
executive Bill McDermott said in a statement.
In an interview with business news channel CNBC Co-CEO Jim
Hagemann Snabe said the company has a strong pipeline in the U.S.
"Asia is also a very strong market while Europe continues to be a
more difficult market," he said.
SAP tightened its view for full year software-related service
revenue, excluding Sybase, to a rise of between 6% and 8% from
previous guidance for a rise of between 4% and 8%. In 2009,
software-related service revenue was EUR8.2 billion.
SAP said it still expects its operating margin to rise to
between 30% and 31% from 27.4%.
Including Sybase, SAP now expects to increase software and
software-related service revenue between 9% and 11% in 2010. The
operating margin won't be influenced by the Sybase acquisition.
SAP guides on a non-IFRS basis and at constant currencies.
The upgraded sales guidance was positive despite an mixed set of
results overall, said one trader in early reaction.
The European Commission recently cleared SAP's $5.8 billion
acquisition of U.S. database maker Sybase, which last week reported
very strong earnings, buoying SAP stock.
The deal is SAP's largest since its 2007 $6.8 billion buy of
Business Objects SA, and comes as it attempts to keep pace with
Oracle in the business software market.
In June, Oracle said its fiscal fourth-quarter profit climbed
25% as it benefited from new revenue from its Sun Microsystems
acquisition, as well as strong demand for software licenses.
Still, analysts said at the time that SAP's Sybase acquisition
may increase pricing pressure on the U.S. company.
-By Archibald Preuschat, Dow Jones Newswires; +49 211 13872 18;
archibald.preuschat@dowjones.com
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