Software
Synopsys Beats Estimates
Ivy Lessner
02/20/08 - 05:31 PM EST
SAN FRANCISCO -- Synopsys(SNPS Quote) sidestepped the dour outlook of its competitors in its first-quarter earnings report, doubling its bottom line and boosting full-year EPS guidance.
The Mountain View, Calif., developer of semiconductor-design software reported a top line of $315.5 million, up 5% from revenue of $300.2 million for the same period of last year. Analysts were expecting $312.9 million, according to Thomson Financial.
Synopsys reported that profit nearly doubled to $46.4 million, or 31 cents a share, from $23.4 million, or 16 cents a share, in the year-ago period.
Excluding items, EPS was 44 cents, well ahead of analysts' expectations for 38 cents a share.
Shares were up $1.47, or 6.4%, to $24.50 in after-hours trading. The stock, though not unscathed by the bleaker outlook for semiconductor manufacturing, had been only marginally lower since Jan. 30, when competitors began reporting lower expectations for 2008.
The company said second-quarter revenue would range from $317 million to $325 million and EPS, less items, would be from 37 cents to 39 cents. Analysts were expecting $320.9 million and 38 cents a share.
The company raised full-year EPS guidance to a range of $1.56 to $1.61, excluding items, from previous guidance for $1.54 to $1.60. Synopsys reiterated guidance for a top line of $1.3 billion to $1.32 billion. Analysts were expecting a top line of $1.306 billion and EPS of $1.59.