Aspen Technology Q3 Profit Rises

(RTTNews) - Aspen Technology, Inc. (AZPN), a provider of software and services to the process industries, reported that its third-quarter net income was $20.8 million or $0.22 per share, compared to $10.5 million or $0.11 per share, last year.

Non-GAAP net income for the latest third quarter rose to $26.4 million or $0.28 per share from $12.9 million or $0.14 per share in the prior year quarter. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.19 for the quarter. Analysts' estimates typically exclude special items.

Total revenue rose to $103.59 million, from $79.36 million, while seven analysts expected revenue of $92.82 million for the quarter.

AspenTech's Board of Directors approved a share repurchase program for up to $200 million. This program replaces the company's existing share repurchase program, which had approximately $45 million remaining as of March 31, 2014.