Cadence Design Systems Q1 Profit Increases, beats estimates

(RTTNews) - Cadence Design Systems (CDNS) reported a profit for its first quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $241.80 million, or $0.89 per share. This compares with $235.34 million, or $0.85 per share, in last year's first quarter.

Excluding items, Cadence Design Systems reported adjusted earnings of $351.43 million or $1.29 per share for the period.

Analysts on average had expected the company to earn $1.25 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 13.3% to $1.02 billion from $0.90 billion last year.

Cadence Design Systems earnings at a glance (GAAP) :

-Earnings (Q1): $241.80 Mln. vs. $235.34 Mln. last year. -EPS (Q1): $0.89 vs. $0.85 last year. -Analyst Estimate: $1.25 -Revenue (Q1): $1.02 Bln vs. $0.90 Bln last year.

-Guidance: Next quarter EPS guidance: $1.15 - $1.19 Full year EPS guidance: $4.96 - $5.04