Cadence Design's (CDN) first-quarter loss narrowed on slightly higher sales, as the company said it expects second-quarter and full-year results in line with consensus estimates.
Cadence said after the bell Monday that it lost $9 million, or 3 cents a share, compared with a loss of $13 million, or 5 cents a share, a year earlier.
Excluding various items, including the amortization of intangible assets and deferred stock compensation (a non-GAAP basis), the maker of electronic design software said earnings rose to $28 million, or 10 cents a share, from $12 million, or 5 cents a share, a year earlier.
On that basis, the company's earnings met analysts' consensus estimate.
First-quarter revenue rose to $266 million from $263 million, essentially in line with estimates.
For the second quarter, Cadence said it expects to earn 3 cents to 5 cents a share on revenue of $285 million to $295 million. On a non-GAAP basis, the company expects to earn 14 cents to 16 cents a share. Analysts are expecting 16 cents a share on revenue of $289.1 million.
The company also guided in line with analysts' full-year estimates of earnings of 72 cents a share on a non-GAAP basis and revenue of $1.19 billion. Cadence expects to earn 70 cents to 77 cents a share on revenue of $1.18 billion to $1.23 billion. Including items, the company expects to post a profit of 31 cents to 38 cents a share.