Cadence Design Systems
topped its financial results for the first quarter but the semiconductor software company issued a second-quarter earnings target below what Wall Street expected.
Cadence reported net income of $1 million, or break-even on a per-share basis, on sales of $293 million. During the same quarter last year, the company lost $9 million, or 3 cents a share, on sales of $266 million.
Excluding charges, Cadence earned 15 cents a share. Analysts had expected earnings excluding charges of 14 cents a share and sales of $288 million.
For the second quarter, Cadence predicted earnings of 1 cent to 3 cents a share and sales between $300 million and $310 million. Excluding charges, Cadence expects earnings between 14 cents and 16 cents a share.
Analysts had expected earnings excluding charges of 17 cents a share and sales of $305 million.
For the full year, Cadence boosted its earnings target to between 27 and 35 cents a share from an earlier prediction for earnings between 23 and 31 cents a share. The company kept its expectations steady for earnings excluding charges and sales.