Financial Data and Key Metrics Changes - Revenue in Q3 2024 increased to $143 million, up approximately 10.4% from Q3 2023 [5] - Non-GAAP operating income for Q3 2024 increased 7.2% to $18.5 million compared to $17.2 million in the same period last year [20] - Non-GAAP net income for Q3 increased by 6.9% to $11.1 million or $0.23 per fully diluted share compared to $10.4 million or $0.21 per fully diluted share in the same period last year [22] - Gross margin for Q3 2024 amounted to 28.7% of revenues, down from 29.4% in Q3 2023 [18] Business Line Data and Key Metrics Changes - Revenues from Israeli operations amounted to $64.7 million, up by 18.1% compared to $54.8 million reported in the same period last year [16] - Revenues in North America amounted to $59.3 million, approximately $1.6 million or 2.7% higher compared to Q3 2023 [16] - The revenue mix for the first nine months of 2024 was approximately 19% related to software solutions and 81% related to professional services [19] Market Data and Key Metrics Changes - North America delivered sequential mid-single-digit growth of 1.5% with stable client sentiment [6] - Israeli market experienced sequential double-digit growth of 12%, driven by strong demand for cloud, DevOps, and AI services [6] Company Strategy and Development Direction - The company aims to leverage digital technologies and cloud-based platforms to create strong demand for innovative software solutions and services [12] - The focus remains on helping businesses with cloud migration strategies and ensuring high standards of performance, scalability, security, and reliability [13] Management Comments on Operating Environment and Future Outlook - Management noted that while the U.S. market remains stagnant, there are positive signs for growth in Q4 2024 [31][35] - The company is raising the lower end of its 2024 annual revenue guidance, anticipating full year 2024 revenue to be in the range of $544 million to $550 million [24][25] Other Important Information - Cash and cash equivalents as of September 30, 2024, amounted to approximately $99.7 million, down from $106.7 million as of December 31, 2023 [23] - Total financial debt as of September 30, 2024, amounted to approximately $65.8 million, down from $81.2 million as of December 31, 2023 [23] Q&A Session Summary Question: Demand in end markets and sales cycle - Management indicated that the U.S. operations are stagnant with a small increase, but there are good signs for Q4 [31] Question: Performance of U.S.-based blue-chip customers - Management noted that many customers cut projects due to rising interest rates, but stability has returned with signs of hiring again [42]

Core Viewpoint - Magic Software (MGIC) reported quarterly earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.24 per share, but showing an increase from $0.21 per share a year ago, indicating a -4.17% earnings surprise [1] - The company posted revenues of $142.97 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 4.13% and up from $129.48 million year-over-year [2] Financial Performance - Over the last four quarters, Magic Software has surpassed consensus EPS estimates three times [2] - The company has topped consensus revenue estimates four times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $0.25 on revenues of $140.6 million, and for the current fiscal year, it is $0.95 on revenues of $544.8 million [7] Stock Performance - Magic Software shares have increased approximately 17.9% since the beginning of the year, compared to the S&P 500's gain of 23.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Outlook - The Computer - Software industry is currently in the top 16% of over 250 Zacks industries, suggesting a favorable outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

OR YEHUDA, Israel, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC) (“the Company”), a global provider of IT consulting services and end-to-end integration and application development platforms solutions, announced today its financial results for the third quarter and first nine months period ended September 30, 2024. Summary Results for the Third Quarter 2024 (USD in millions, except per share data)         GAAP  Non-GAAP  Q3 2024Q3 2023% Change Q3 2024Q3 2023% Chan ...

Or Yehuda, Israel, November 18, 2024 – Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC) ("the Company"), a global provider of IT consulting services and end-to-end integration and application development platforms solutions, announced today its financial results for the third quarter and first nine months period ended September 30, 2024. Summary Results for the Third Quarter 2024 (USD in millions, except per share data) | | GAAP | | | | | | Non-GAAP | | | | --- | --- | --- | --- | --- | --- | --- | - ...

MGIC Investment Corporation (MTG) reported third-quarter 2024 operating net income per share of 77 cents, which beat the Zacks Consensus Estimate by 15%. Moreover, the bottom line increased 20.3% year over year.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The quarterly results reflected higher new insurance written and improved net investment income, partially offset by lower insurance in force.MGIC Investment recorded total operating revenues of $306 million, which increased 3% ...

Shares of MGIC Investment (NYSE: MTG ) have been a solid performer over the past year, gaining 34%. They have fallen about 10% from their high amid concerns over a slowing US housing market given elevated mortgage rates. A solid Q3 earnings report liftedOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, ...

Third Quarter 2024 Net Income of $200.0 million or $0.77 per Diluted ShareThird Quarter 2024 Adjusted Net Operating Income (Non-GAAP) of $200.7 million or $0.77 per Diluted ShareMILWAUKEE, Nov. 4, 2024 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today reported operating and financial results for the third quarter of 2024.Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation ("MGIC") said, "We are very pleased with our third quarter financial results, generating net income of $200 mi ...

MILWAUKEE, Oct. 24, 2024 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) announced that its Board of Directors declared a quarterly cash dividend of $0.13 per share, payable on November 21, 2024, to shareholders of record as of November 7, 2024. About MGICMortgage Guaranty Insurance Corporation ("MGIC") (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, helping families achieve homeownership sooner by making affordable low-down-payme ...

I last covered Magic Software (NASDAQ: MGIC ) in July. At the time, I put out a Buy rating, outlining that the stock had the potential for 35% price appreciation in 12 months. Since then, the stock has gained 8.8% in price. Additionally, we Oliver Rodzianko is an investment analyst specializing in the technology sector, with a focus on artificial intelligence, semiconductors, software, and renewable energy. He has earned a strong reputation on Seeking Alpha, where he is frequently featured in the platform's ...

MILWAUKEE, Aug. 21, 2024 /PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), comments on the updates by the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, to the Private Mortgage Insurer Eligibility Requirements (PMIERs) Available Assets Standards. "We are proud of the critical role private mortgage insurance (MI) plays in the housing finance system. PMIERs operational and risk-based capital requirements p ...