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OR YEHUDA, Israel - Formula Systems (NASDAQ:FORTY) reported fourth quarter results, following which shares were up 6% in aftermarket trading Thursday.
The global IT services company posted adjusted earnings per share of $1.28 for the quarter. Revenue grew 8% year-over-year to reach $691.5 million.
Formula Systems saw strong organic growth across its portfolio of software and IT services businesses. Operating income jumped 19.1% compared to the prior year quarter, reaching $71.9 million.
"Formula group continues to demonstrate strong and consistent performance, making big strides across multiple fronts, as reflected by our 2024 fourth quarter and full year revenues and operational profits," said CEO Guy Bernstein.
The company highlighted record results at several of its key subsidiaries, including Matrix IT, Magic Software (ETR:SOWGn), and TSG. Matrix reported its best fourth quarter ever, with revenue up 4.1% to approximately $371.8 million.
Looking ahead, Magic Software introduced 2025 revenue guidance of $593 million to $603 million, implying 7.3% to 9.1% growth.
Formula Systems declared a dividend of approximately $0.94 per share, payable on May 14, 2025.
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