(MCRS) MICROS Systems Earnings Preview

MICROS Systems, Inc. (MCRS) is scheduled to report its fourth-quarter fiscal 2012 earnings on Thursday, August 23, 2012, after the closing bell.

The current Zacks Consensus Estimate is pegged at 55 cents a share for the quarter, representing an annual growth of (0.61)%. The current Zacks Consensus Estimate range between a low of 47 cents and a high of 58 cents a share. The Zacks Consensus Estimate of revenue is $302 million for the fiscal fourth quarter.

With respect to earnings surprises, MICROS Systems outperformed the Zacks Consensus Estimate in two of the last four quarters, was in line with one quarter and underperformed in the other. Average earnings surprise was 8.45%, implying that the company has outperformed the Zacks Consensus Estimate by the same magnitude over the last four quarters.

Third Quarter of Fiscal 2012 Highlights

On April 26, 2012, MICROS Systems reported financial results for the third quarter of fiscal 2012. The company’s non-GAAP earnings per share were 56 cents compared with 49 cents in the prior-year quarter and 51 cents in the earlier quarter. This substantially surpassed the Zacks Consensus Estimate of 48 cents.

Revenues were $278 million, up 9.8% year over year and 2.8% sequentially. This was exactly in line with the Zacks Consensus Estimate.

On a segment basis, Service revenues came in at $177.4 million, rising from $172.2 million, going up 3.0% from the previous year quarter. Hardware revenues came in at $63.1 million, increasing 26.5% from the year-ago quarter. Software revenues came in at $37.6 million, up 20.9% year over year.

Agreement of Estimate Revisions

In the last 30 days, one of the six analysts increased the company’s earnings per share estimate while no analysts have decreased the same for the fourth quarter of fiscal 2012. For the first quarter of fiscal 2013, none of the analysts, among a total of 5, revised his/her estimates upward while one made a downward revision in the last 30 days.

For fiscal 2012, one out of the 6 analysts raised his/her estimate in the last 30 days. Out of the 6 analysts, one analyst increased and another analyst reduced the estimates for fiscal 2013 in the last 30 days.

Magnitude of Estimate Revisions

Over the last 30 days, estimates have increased from 54 cents per share to the current estimate of 55 cents for the fourth quarter of fiscal 2012.

Estimate for fiscal 2012 surged from $1.99 per share to $2.00 over the last 30 days while for fiscal 2013, it remained consistent at $2.23. These estimates represented a year-over-year growth of 9.62% for fiscal 2012 and 11.53% for fiscal 2013.

Our Take  

We are optimistic that the company’s series of contract wins and extensions will continue to generate approbatory yields for MICROS Systems as it moves ahead to battle the lingering downsides of the ongoing clouded fiscal scenario.

MICROS Systems, which is engaged in designing, manufacturing, marketing of several enterprise information solutions for the hospitality and specialty retail industries, gives a tough competition to other industry players, such as Diebold, Inc. (DBD) and Agilysys, Inc. (AGYS).

We currently maintain a long-term ‘Neutral’ recommendation on the stock. In addition, MICROS Systems has a Zacks #3 Rank, which translates into a short-term (1-3 months) ‘Hold’ rating.

Read the full analyst report on “MCRS”
Read the full analyst report on “AGYS”
Read the full analyst report on “DBD”
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