Tyler Technologies boosts annual forecast on steady demand for IT services
April 23 (Reuters) - Tyler Technologies (TYL.N), opens new tab raised its annual forecast and beat Wall Street expectations for first-quarter revenue on Wednesday, driven by strong demand for its IT services.
Shares of the company rose over 4% in extended trading.
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An ongoing shift toward digitization and from on-premises data systems to cloud-based solutions has led to increased demand for Tyler's services.
The Plano, Texas-based company provides integrated information management solutions and services to the public sector, as well as professional IT services to its clients.
The company's revision of its annual forecast reflects the confidence in its ability to perform at a high level in the current environment, CEO Lynn Moore said.
In February, Moore had said that Tyler does not expect the U.S. government's Department of Government Efficiency (DOGE) to have a significant impact on funding or demand for its software and services.
DOGE is U.S. President Donald Trump's initiative to reduce federal spending and enhance government efficiency by targeting waste, fraud and abuse.
Tyler now projects fiscal year 2025 revenue in the range of $2.31 billion to $2.35 billion, up from its earlier forecast of between $2.30 billion and $2.34 billion. Analysts, on average, expect $2.32 billion, according to data compiled by LSEG.
The company expects its annual adjusted per-share profit to be in the range of $11.05 to $11.35, compared to its previous projection of between $10.90 to $11.15.
For the first quarter ended March 31, Tyler posted revenue of $565.2 million, beating estimates of $556.9 million.
The IT-solution provider's subscription revenue rose 19.7% to $375 million in the quarter, compared to the year-ago period.
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