Cadence Tops Estimates

The semiconductor design software company expects to meet estimates in the fourth quarter.
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SAN FRANCISCO -- Cadence Design Systems (CDNS) - Get Report beat the Street's third-quarter estimates on Wednesday and predicted it would meet analysts' expectations in the next quarter.

The San Jose, Calif.-based company, which makes semiconductor design software, said EPS was 24 cents on net income of $72.7 million. In the prior year's period, EPS was 14 cents on a net of $42.1 million.

The stock was down 10 cents, or 0.5%, to $21.59 in after-hours trading.

The company met analysts' expectations when it reported $400.9 million in revenue for the quarter, up 9.5% year from a year ago, when revenue was $366.1 million.

Excluding items, EPS was 33 cents on net income of $97.4 million, vs. $81.4 million in the year-ago period. Analysts were expecting EPS, less items, of 32 cents on a bottom line of $96.9 million, according to Thomson Financial.

Cadence said it expects revenue to range from $465 million to $475 million in the fourth quarter. EPS, excluding items, should be 45 cents to 47 cents. Analysts were expecting $468.1 million and EPS of 46 cents.