Israel’s Check Point Software Second-Quarter Profit Up, Doubles Share Buyback Plan
Network security provider Check Point Software Technologies reported quarterly net profit that beat expectations, and said it was doubling its overall share repurchase program to $2 billion.
Check Point earned $1.37 per diluted share excluding one-time items in the second quarter, up from $1.26 a year earlier. Revenue grew 2 percent to $468 million, the Israel-based company said on Wednesday.
It was forecast to earn $1.30 a share on revenue of $461.6 million, according to Thomson Reuters I/B/E/S.
The company said its board has authorized the expansion of its ongoing share repurchase plan by 30 percent quarterly, up to $325 million, and the overall program by 100 percent to $2 billion in total.
The company has repurchased $7.3 billion worth of shares since 2003. The updated plan expands the existing plan announced last August that provided for buying back up to $250 million each quarter for up to $1 billion, which is expected to be completed in the third quarter of 2018.