Sandvine rises after reporting tenth consecutive profitable quarter

Cormark analyst Richard Tse says that, following a year in which it struggled though partner changes and product revisions, Sandvine is finally hitting its stride.

Shares of Sandvine (Sandvine Stock Quote, Chart, News: TSX:SVC) are up today after the company reported better than expected first quarter numbers.

Sandvine earned (U.S.) $10.2-million on revenue of $32.4-million in its Q1, 2015, up from $7.5-million in earnings on a $31.5-million topline in the same period a year prior.

“I’m pleased to have a strong start to the year. Revenue for the quarter was very broad based and as a result customer concentration was near an all-time low,” said CEO Dave Caputo. “This is Sandvine’s 10th consecutive quarter of profitability and year-over-year revenue growth. Our growth once again led industry analysts to name Sandvine the market share leader in 2014. Our profitability and cash generation also continue to be a big differentiator in our market.”

Sandvine management said quarterly highlights included the launch of a product that measures web browsing quality-of-experience, the launch of an updated service delivery engine, and being named by ABI research as a market leader.

At press time, shares of SVC were up 5.5% to $3.81.

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