Cadence: 3Q Earnings Snapshot
SAN JOSE, Calif. (AP) _ Cadence Design Systems Inc. (CDNS) on Monday reported third-quarter profit of $101.5 million.
On a per-share basis, the San Jose, California-based company said it had net income of 36 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 54 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
The maker of hardware and software products for validating chip designs posted revenue of $579.6 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $574.8 million.
For the current quarter ending in December, Cadence expects its per-share earnings to range from 52 cents to 54 cents.
The company said it expects revenue in the range of $590 million to $600 million for the fiscal fourth quarter.
Cadence expects full-year earnings in the range of $2.18 to $2.20 per share, with revenue ranging from $2.33 billion to $2.34 billion.
Cadence shares have climbed 54% since the beginning of the year. In the final minutes of trading on Monday, shares hit $66.75, an increase of 66% in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDNS at https://www.zacks.com/ap/CDNS
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