NEW YORK (TheStreet) -- Shares of Ansys (ANSS) - Get Report are retreating 7.35% to $83.35 on heavy trading volume late Thursday afternoon after the Canonsburg, PA-based company posted lower-than-expected results for the 2016 first quarter.
Before the opening bell, the developer of engineering simulation software and services posted earnings of 77 cents per diluted share, missing analysts' estimates by a penny.
Revenue for the quarter was $225.9 million, which fell short of analysts' expectations of $228.5 million.
"Our first quarter results reflect a solid start to the year with strong contributions from markets such as India and China, partially offset by less than expected growth in Europe and North America," President and CEO Josh Cashman said in a statement.
"We are highly focused on improving direct and indirect sales execution, enhancing our growth rates and continuing to generate returns for our shareholders over the long-term," he added.
For the second quarter, the company sees earnings per diluted share between 86 cents and 90 cents on revenue of $240 million to $248 million.
Analysts are looking for earnings of 90 cents per share on revenue of $250.3 million.
For 2016, Ansys forecasts earnings per diluted share in the range of $3.48 to $3.62 on revenue of $990 million to $1.02 billion.
Wall Street is expecting earnings of $3.61 per share on revenue of $1.01 billion for the full year.
About 1.45 million of the company's shares were traded by late this afternoon vs. its average volume of 339,162 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, growth in earnings per share and good cash flow from operations.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ANSS