May 3, 2012 / 3:03 PM / 6 years ago

Constellation Software falls on earnings miss

May 3 (Reuters) - Shares of Constellation Software, which makes customized enterprise resource planning software, fell as much as 8 percent a day after it posted disappointing first-quarter results that widely missed estimates.

Adjusted net income for the quarter rose nearly 19 percent to $32 million, or $1.50 per share, but fell behind analysts’ estimates of $1.83, according to Thomson Reuters I/B/E/S.

Revenue rose 10 percent to $195.0 million, but missed estimates of $201.3 million.

Net income fell to $14 million, or 66 cents per share, from $62 million, or $2.95 per share, a year ago when the company recorded a gain on income tax.

Shares of the Toronto-based company fell to as much as C$87.75 percent, before paring some losses to trade at C$88.50 in early trade on Thursday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Saumyadeb Chakrabarty)

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