Tech Industry

i2 Technologies beats Street, sets 2-for-1 stock split

i2 Technologies beat the Street in its third quarter Tuesday, earning $28.8 million, or 12 cents a share, on sales of $319.5 million. It also set a 2-for-1 stock split.

The e-commerce software developer was expected to earn 10 cents a share in the quarter, according to a survey of analysts by First Call Corp.

i2 (Nasdaq: ITWO) shares closed off $5 to $179.06 ahead of the earnings report.

The $319.5 million in sales marks a 118 percent improvement from the year-ago quarter when it earned $10 million, or 6 cents a share, on sales of $146.3 million.

"We see tremendous opportunities to continue selling our industry-leading supply chain management solutions into this under-penetrated market," said CEO Sanjiv Sidhu in a prepared release. "In addition, we have again expanded our potential market with new collaborative procurement and multi-enterprise order management solutions."

Licensing sales jumped 128 percent to $201.6 million compared to $88.6 in the year-ago quarter.

Including one-time items, the company lost $755.7 million, or $3.83 a share, compared with a profit of $5.7 million, or 3 cents a share, in the year-ago quarter.

Company officials said the 2-for-1 stock split will take effect on Dec. 4.

i2 hurdled analysts' estimates last quarter, posting a profit of $19.1 million, or 10 cents a share, on sales of $242.6 million.

The stock rallied up to a 52-week high of $223.50 in March after falling to a low of $23.13 last October.

Thirty-four of the 38 analysts following the stock maintain either a "buy" or "strong buy" recommendation.

Analysts are forecasting a profit of 42 cents a share in the fiscal year.