I2 beats the Street with e-business deals
October 17, 2000 03:28 PM PT
by Adam Feuerstein
I2 Technologies (ITWO) swept past Wall Street earnings estimates, fueled by a blizzard of new customer wins and strong revenue growth in the third quarter.
The business-to-business software company posted net income of $28.8 million, or 12 cents per share, minus special charges, beating consensus Wall Street earnings estimates of 10 cents per share, as compiled by First Call.
Third-quarter revenue came in at $319.5 million, 32 percent higher than the second quarter and 118 percent greater than the year-ago quarter.
I2 closed at $180.06 per share, down $4, in trading today prior to its earnings announcement.
Once known primarily for its supply chain management software, i2 has morphed itself into a head-to-toe b-to-b shop, offering software and services that allow companies to conduct business with trading partners and suppliers over the Internet.
Last week, during its annual user conference, i2 announced three of the largest software contracts in its history -- Kmart (KM), Siemens and Caterpillar (CAT). During the third quarter, it also inked deals to create private online marketplaces for DaimlerChrysler (DCX), Toyota (TM) and Volkswagen. Its b-to-b alliance with Ariba (ARBA) and IBM (IBM) also landed deals with several large, industry-led marketplaces.
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