Fortint (NASDAQ: FTNT), a world leader in comprehensive, integrated and automated cyber security solutions, presented the Company’s financial results for the fourth quarter and 2020, which ended on December 31, 2020.
The company’s revenue in the fourth quarter reached $ 748 million, a growth of 21% compared to $ 618.1 million in the fourth quarter of 2019. In total revenue, revenue from products reached $ 288.4 million, a growth of 20.8% compared to $ 238.8 million in the quarter The corresponding last year. Revenue from service reached $ 459.6 million, a growth of 21.2% compared to $ 379.3 million in the fourth quarter of 2019.
The company’s revenue in 2020 reached $ 2.59 billion, a growth of 19.9% compared to $ 2.16 billion in 2019. Within total revenue, revenue from products reached $ 916.4 million, a growth of 16.2% compared to $ 788.5 million last year. Revenue from the service reached $ 1.68 billion, a growth of 22.1% compared to $ 1.37 billion in 2019.
Non-GAAP operating income reached $ 219.9 million in the fourth quarter of 2020, compared to $ 168.6 million in the same quarter last year.
Non-GAAP operating profit reached $ 698 million in 2020 compared to $ 536 million in 2019.
Non-GAAP net income reached $ 175.5 million in the fourth quarter of 2020 compared to $ 135.1 million in net income in the same quarter last year. Net earnings per diluted share reached $ 1.06 compared to earnings per share of $ 0.77 in the same quarter last year.
Non-GAAP net income reached $ 562.6 million in 2020, compared to net income of $ 436.7 million in 2019. Net earnings per diluted share reached $ 3.35 compared to $ 2.50 earnings per share for 2019.
GAAP net income reached $ 146.7 million in the fourth quarter of 2020 compared to $ 118.2 million in the same quarter in 2019. Earnings per share diluted according to GAAP reached $ 0.89 in the fourth quarter of 2020 compared to earnings of $ 0.67 in the same quarter last year.
GAAP net income reached $ 488.5 million in 2020, compared to $ 331.7 million in 2019. GAAP diluted earnings per share reached $ 2.91 in 2020 compared to $ 1.90 in 2019.
Cash flow in the fourth quarter of 2020 from operating activities was $ 296.5 million compared to $ 190.4 million in the fourth quarter of 2019.
Cash flow in 2020 from operating activities was $ 1.08 billion compared to $ 808 million in 2019.
Ken Cassie, Founder, Chairman and CEO of Fortint, He said, “For the third year in a row, we have reported a 16% growth in product revenue, a 22% growth in service revenue and a 20% growth in the company’s overall revenue. These results have been made possible thanks to strong sales operations around the world, “An innovative culture that is reflected in a diverse set of solutions and the market’s growing demand for cyber security products both on the customer’s local site and in the cloud. We plan to focus on the many growth opportunities available to us in the coming quarters as well.”
The mutual funds that hold the Fortint stock