Bentley Systems Inc Stock Price, News & Analysis

Bentley Systems (Nasdaq: BSY) has announced the finalists for the 2024 Going Digital Awards, showcasing innovative infrastructure projects worldwide. 36 finalists across 12 categories were selected from over 250 nominations from 36 countries. The winners will be revealed on October 9, 2024, at the JW Marriott Parq Vancouver during Bentley's Year in Infrastructure event.

The awards highlight projects utilizing advanced technologies like AI, digital twins, and immersive visualizations to enhance infrastructure development. Finalists represent diverse sectors including bridges, construction, facilities, power generation, rail, roads, structural engineering, and water management. The event celebrates the extraordinary work of Bentley's global users in advancing infrastructure for improved quality of life.

Bentley Systems (Nasdaq: BSY) reported strong Q2 2024 results with total revenues up 11.3% to $330.3 million. Subscription revenues grew 14.7% to $297.4 million, while Annualized Recurring Revenue (ARR) increased to $1,215.9 million, representing 11% constant currency growth. The company's operating income margin improved to 24.3% from 18.0% year-over-year, and adjusted EPS rose to $0.31 from $0.24.

Key growth drivers included Public Works/Utilities and North America, with rapid addition of new small and medium-sized accounts. The company highlighted traction in AI-based solutions for asset analytics. With the leadership transition, Greg Bentley became Executive Chair and Nicholas Cumins was promoted to CEO, expressing confidence in sustaining performance and exploring long-term growth initiatives.

Bentley Systems (Nasdaq: BSY) has been selected by the Pennsylvania Department of Transportation (PennDOT) for state-wide civil design solutions, extending their long-standing relationship. PennDOT has transitioned to Bentley's OpenRoads 3D design software and ProjectWise for CADD data management to support various engineering disciplines. This contract aims to accelerate infrastructure projects funded by the Infrastructure Investment and Jobs Act (IIJA).

Bentley has partnered with Pennsylvania firms Cedarville Engineering Group and Honor Engineer Company for this contract. PennDOT officials, including Secretary Mike Carroll, visited Bentley's headquarters to discuss the department's embrace of digital capabilities to improve project delivery.

Bentley Systems (Nasdaq: BSY), an infrastructure engineering software company, has announced it will release its second quarter 2024 financial results on Tuesday, August 6, 2024, before the market opens. The company's senior management will host a webcast at 8:15 a.m. ET to discuss the results. Investors and interested parties can access the results press release and webcast link on Bentley's investor relations website prior to the start of the webcast. A replay of the webcast will be available later the same day on the company's investor relations website.

Nicholas Cumins has officially taken over as CEO of Bentley Systems (NASDAQ: BSY), succeeding Greg Bentley, who now serves as Executive Chair of the Board of Directors. Cumins is the first non-family member to lead the company in its 40-year history. The transition comes at a important time for the infrastructure sector, with a shortage of engineers to meet global sustainability goals and aging infrastructure needs. Cumins unveiled Bentley's vision for resilience in infrastructure, emphasizing AI-powered digital twin solutions to optimize asset performance and sustainability. Cumins brings significant experience from his previous roles, including COO of Bentley Systems since January 2022 and Chief Product Officer at SAP and OpenX.

Bentley Systems (Nasdaq: BSY) has declared a dividend of $0.06 per share for the second quarter of 2024.

The dividend will be payable on June 13, 2024, to all stockholders of Class A and Class B common stock as of June 4, 2024.

Bentley Systems, Incorporated reported positive financial results for the first quarter of 2024, with total revenues of $337.8 million, a 7.4% increase year-over-year. Subscriptions revenues were up by 10.5%, reaching $307.1 million. The company's Annualized Recurring Revenues (ARR) grew by 11% to $1,186.5 million. Operating income margin improved to 27.2%, and adjusted operating income margin increased to 33.3%. Net income per diluted share rose to $0.22, while adjusted net income per diluted share was $0.31. Cash flows from operations also saw a significant increase to $205.0 million.