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BMC Software falters after missing in 3Q

BMC Software Inc. (Nasdaq: BMCS) tumbled 3 7/8, or 9 percent, to 39 13/16 after falling short of analysts' estimates in its third quarter.

The maker of client-server and mainframe management software posted a profit of $105.6 million, or 41 cents a share, excluding writedowns and special charges.

First Call consensus expected it to earn 42 cents a share.

Including amortization and non-recurring events, BMC earned $69.1 million, or 27 cents a share.

Company officials blamed the earnings shortfall on currency movement, which slashed 2 cents a share off BMC's bottom line.

"During the third quarter, the company faced an unusual set of challenges -- some of which we believe were unique to this quarter and therefore behind us," said Max Watson, BMC's chairman, president and CEO in a prepared release.

Third quarter sales increased 24 percent year-over-year to $426.3 million. License revenue rose 20 percent during the quarter, led by international revenue growth of 22 percent. Under constant currency rates that correct for a rising U.S. dollar last year, BMC's international license revenue would have risen 32 percent and overall license revenue 27 percent, the company said.

Maintenance and services revenue improved 33 percent from the year ago period.

Total mainframe revenue grew 17 percent year-over-year, while distributed systems business grew 40 percent.

Among 28 analysts surveyed by Zack's Investment Research, 14 maintain the equivalent of "moderate buy" ratings on BMC, eight recommend it as a "strong buy", and six have "hold" advisories on the stock.