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Veritas slips past 1Q forecasts

    Veritas Software slipped past analysts' estimates in its first quarter Wednesday, earning $51.6 million, or 12 cents a share, on sales of $244.6 million.

    First Call consensus expected Veritas to earn 11 cents a share in the quarter.

    Ahead of the earnings report, Veritas (Nasdaq: VRTS) shares closed off 1/8 to 105 3/16.

    The $244.6 million in sales marks an 82 percent improvement from the year-ago quarter when it raked in $27.7 million, or 7 cents a share, on sales of $134.7 million.

    "Our record revenue growth again asserts our leadership positioning in the heterogeneous application storage management space," said CEO Mark Leslie in a prepared release. "We continue to see strong demand for all product lines across the board and significant contributions from all of our key distribution channels, including our direct sales force, one-tier VAR network, two-tier distribution infrastructure, and OEM sales."

    Earlier this quarter, Veritas said it would buy back the 33 percent stake Seagate Technology (NYSE: SEG) held in its company.

    Last quarter, Veritas earned $50.7 million, or 18 cents a share, on sales of $226.2 million.

    Its shares hit a 52-week high of 174 in March after falling to a low of 13 1/2 last April.

    Twenty-four of the 25 analysts following the stock maintain either a "buy" or "strong buy" recommendation.

    First Call consensus expects it to earn 49 cents a share in the fiscal year.