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SAP wins customers from rivals
FRANKFURT, Germany (CNN) -- SAP, Europe's biggest software maker, said first-quarter profit tripled as it won market share from U.S. rivals. Net income rose to 186 million euros, or 60 cents a share, in the three months to March 31, from 65 million euros, or 21 cents a share, a year ago, the company said on Thursday. But sales fell 8 percent to 1.5 billion euros. "Our continuing market share gains, specifically in our competitors' home markets, tell me that the market favors SAP's style of business," Hasso Plattner, chief executive, said in a statement. SAP's (FSAP) U.S. rivals PeopleSoft (PSFT) and Siebel Systems (SEBL) warned earlier this month that first-quarter results would miss market expectations, customers delay spending due to the uncertain economic and political environment. The group, which supplies business planning and Web-based e-business software to about 19,000 customers worldwide, has been hit by a sharp slowdown in spending on information technology. But it has also benefited from the slowdown by taking business away from key rivals. The German company said first-quarter operating profit, excluding stock-based compensation charges and acquisition costs, rose 28 percent to 304 million euros. Software license sales, the key measure of underlying growth, fell to 352 million euros from 402 million euros. Forecasts from 21 analysts polled by Reuters put license sales between 325-406 million euros ($351-438 million). It reiterated its forecast from January that it expected to lift 2003 operating margins by about one percentage point from 2002 on moderate revenue growth. "While the world economy remains difficult and the geopolitical environment is still unpredictable, SAP has not changed its guidance for 2003," the company said.
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