Profit Climbs at Cadence
Updated from 5:39 p.m. EDT
Semiconductor tools developer Cadence Design Systems (CDNS) beat second-quarter analyst estimates and raised full-year guidance.
Shares of Cadence were flat in after-hours trading at $22.43.
The San Jose, Calif.-based software company said Wednesday that revenue rose 9% to $391 million from $358.5 million a year earlier. Analysts had expected revenue of $383.3 million, according to Thomson Financial.The company said earnings rose to $59.6 million, or 20 cents a share, from $30.4 million, or 10 cents a share, a year earlier. Excluding items, EPS was 30 cents, beating analyst expectations of 29 cents a share. For the third quarter, the company projects revenue of $395 million to $405 million. Cadence expects EPS of 20 cents to 22 cents, or 31 cents to 33 cents excluding items, in line with analysts' estimates of EPS before items of 32 cents on revenue of $399.3 million. For the full year, the company expects revenue of $1.59 billion to $1.64 billion. Cadence expects EPS of 85 cents to 93 cents. Excluding items, EPS is projected to range from $1.28 to $1.36. Analysts expect revenue of $1.62 billion and EPS of $1.33. The company had previously projected full-year revenue of $1.58 billion to $1.63 billion and EPS of $1.27 to $1.35.
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