Formula Systems Clocks Record Q1 Earnings

Formula Systems (1985) Ltd FORTY reported first-quarter FY21 revenue growth of 22.8% year-on-year to $572.6 million.
Gross margin remained stable at 22%.
The operating income rose 22.3% Y/Y to $47.5 million, with the margin consistent at 8.3%.
The net income rose 12.7% Y/Y to $12.4 million, translating to EPS of $0.80.
Formula held $459.6 million in cash and equivalents.
Formula Systems kicked off 2021 on a strong note across its entire investment portfolio, reaching all-time highs across all its key indices (revenues, gross profit, operating income, EBITDA, and net income), CEO Guy Bernstein said.
Price action: FORTY shares are up by 0.35% at $87 on the last check Thursday.

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