Open source software company Red Hat (NYSE:RHT) reported $397 million in revenue for the company’s fiscal 2014 third quarter.
The revenue figure was a 15 percent year over year increase compared to third quarter results last year and the results smashed analyst estimates for the Raleigh company. Analysts polled by Thomson Reuters on average estimated Red Hat would generate $383.11 million in fiscal third quarter revenue.
Red Hat’s net income for the quarter was $52 million, or 27 cents per diluted share. A year ago, Red Hat reported $35 million in net income, or 18 cents per diluted share. Excluding certain items, Red Hat’s net income was $81 million, or 42 cents per diluted share. The average analyst earnings estimate was 35 cents per share.
Red Hat CEO Jim Whitehurst attributed the financial results to demand for the company’s offerings.
“Strong demand in Q3 for our core Red Hat Enterprise Linux and JBoss Middleware technologies led to results that exceeded guidance across several key financial metrics,” Whitehurst said in a statement. “Red Hat’s technologies address the high growth opportunities in the data center to modernize and move away from legacy proprietary software in order to deploy open hybrid cloud technologies that drive IT velocity, efficiency and scalability.”
