Allot Communications Swings To Profit (ALLT)

Allot Communications Ltd. ALLT released financial results on Tuesday morning that beat Wall Street estimates. Allot Communications Ltd announced that it swung to a 3rd quarter net profit of $0.8 million, or 3 cents per share, from a net loss of $2.3 million, or 10 cents per share, a year earlier. Excluding special items, the company reported earnings of 5 cents per share. The company's revenue rose 36% to $14.7 million, up from $10.8 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 4 cents per share, on revenue of $13.37 million. Allot Communications Ltd. (ALLT) finished the previous trading day at $7.26 per share. The consensus price target of analysts covering the company's stock is $6.93 per share. President and chief executive officer Rami Hadar said, "We are pleased to report continued, steady growth in revenues and profitability during the third quarter. The continued dramatic rise in data traffic, particularly in the mobile market, is opening new opportunities for Allot. In addition to classic traffic management functionality, the need for service providers to offer value added services to drive additional revenues has opened up new prospects for Allot's solutions." Read more from Benzinga's Company news.