Citing robust demand for its software and IT services in the public sector, Tyler Technologies boosted its full-year revenue and profit expectations.
Tyler Technologies (TYL.N) increased its revenue and profit projections for the entire year on Wednesday, citing strong demand for its IT services and software in the public sector. The company offers professional IT services to clients as well as complete information management solutions and services, including software and hardware installation, for the public sector. IT goods and services from businesses like Tyler are necessary for state and municipal governments in the US aiming to digitize their operations and better administer e-governance services.
According to CEO Lynn Moore, “Our new business pipeline is still at elevated levels, reflecting a strong market environment, expanding cross-sell opportunities, and ongoing strong execution by our sales organization.” The Plano, Texas-based company increased its 2024 revenue estimate from $2.11 billion to $2.14 billion to between $2.12 billion and $2.15 billion. Based on LSEG statistics, analysts project an average revenue of $2.13 billion.
In addition, the business increased its predicted annual adjusted profit from $9.10 to $9.30 per share to a range between $9.25 and $9.45. The second quarter ending June 30 saw a 12.1% increase in subscription revenue to $333.7 million for the IT solutions company. At $156 million, its software as a service (SaaS) revenue increased by 23.2%. Tyler reported in-line quarterly revenue of $541 million and adjusted earnings per share of $2.40.
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