Manhattan Associates Inc. (MANH) experienced a remarkable uptick in its stock value during after-hours trading, as investor confidence seemed to rally behind the company’s recent developments. The share price reached an exhilarating high of $253.00, marking a $29.22 or 13.06% climb from its previous close. This surge, supported by a trading volume of 15.52K, signifies a strong investor response, potentially driven by the company’s latest news or financial disclosures.
This significant change in after-hours trading positions Manhattan Associates for what could be a dynamic start in the next day’s market session.
What Happened Recently?
On January 30, 2024, Manhattan Associates Inc. (NASDAQ: MANH), a front-runner in supply chain and omnichannel commerce solutions, announced a robust financial performance for the final quarter of 2023.
The company ended the quarter on December 31 with revenues soaring to $238.3 million. Reflecting a profitable trend, the GAAP diluted earnings per share jumped to $0.78, up from $0.60 in the same quarter the previous year.
Similarly, the non-GAAP adjusted diluted earnings stood impressively at $1.03 per share, climbing from $0.81 in the fourth quarter of 2022.
Diving deeper into the quarterly financials:
- The total consolidated revenue of $238.3 million for Q4 2023 was a noticeable increase from $198.1 million in the same period in 2022.
- Cloud subscription revenue, a critical indicator of the company’s growth, reached $71.4 million, up from $51.7 million year-over-year.
- License revenue showed steady performance, marking a slight increase to $5.2 million from $5.0 million.
- The services segment brought in $119.1 million, a substantial climb from $99.8 million in the prior year’s quarter.
- On the earnings front, the GAAP diluted EPS saw a significant rise to $0.78, while the adjusted EPS, which offers a perspective excluding certain items, rose to $1.03.
- The company’s operational efficiency was reflected in the GAAP operating income of $58.9 million and an adjusted operating income of $76.8 million, both marking increases from the previous year.
- Cash flow from operations stood at a strong $88.4 million, and the company boasted a healthy cash position of $270.7 million at the close of the quarter.
- Interestingly, Manhattan Associates did not engage in stock buybacks during the quarter, maintaining a $75 million repurchase authority for future consideration.
Manhattan Associates’ financial health as it entered the new year was robust, setting a positive tone for its business trajectory in 2024.
