Synopsys Meets Targets

The company expects to return to profitability in the current quarter.
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Synopsys

(SNPS) - Get Report

met Wall Street's second-quarter financial targets, as the company boosted full-year targets and said it would return to profitability in the current quarter.

The company reported a loss of $4.9 million, or 3 cents a share, on sales of $244.3 million. During the same quarter last year, Synopsys earned $28.7 million, or 18 cents a share, on sales of $294.6 million.

Excluding charges, Synopsys earned 9 cents a share in the latest quarter. Analysts had expected earnings excluding charges of 9 cents a share on sales of $243 million.

At the quarter's start, the company had predicted it would lose 8 to 12 cents a share on sales between $238 million and $248 million. Excluding charges, the company predicted earnings between 6 and 10 cents a share.

For its third quarter, Synopsys forecast earnings of 8 to 12 cents a share and sales of $243 million to $253 million. Excluding items, the company expects earnings of 6 to 10 cents a share. Analysts had expected earnings excluding charges of 8 cents a share and sales of $242 million.

For the full year, the company expects a loss of a penny to 6 cents a share on sales between $960 million and $990 million. Excluding charges, Synopsys expects to earn 31 cents to 39 cents a share. The new targets for Synopsys include the impact from the purchase of Nassda, a maker of circuit verification software for nanometer semiconductors.

The company had previously expected a full-year loss of 19 cents to 29 cents a share, earnings excluding charges of 26 cents to 36 cents a share, and sales of $940 million to $980 million.

Shares of the Mountain View, Calif.-based maker of semiconductor manufacturing software ended the regular session up 3.9% to $17.98, but retreated to $17.80 in the late-trading session.