Magic Software Enterprises Ltd. reported a 10.4% year-over-year increase in revenues for the third quarter ended September 30, 2024, reaching $143.0 million. GAAP net income attributable to Magic Software's shareholders rose by 18.0% to $8.4 million, with diluted earnings per share (EPS) at $0.17. Non-GAAP net income also saw an increase of 6.9% to $11.1 million, with non-GAAP diluted EPS at $0.23.
For the first nine months of 2024, revenues increased by 0.1% year-over-year to $409.9 million. However, GAAP net income for the nine-month period decreased by 8.0% to $26.3 million, with diluted EPS at $0.53. The company's management noted that the quarterly performance reflected continued success in delivering digital and cloud transformation solutions.
Magic Software's board of directors declared a semi-annual cash dividend of 23.6 cents per share for the first half of 2024, totaling approximately $11.6 million. This dividend is payable on January 8, 2025, to shareholders of record as of December 23, 2024. The dividend distribution aligns with the company's policy of returning capital to shareholders.
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