Cadence Design Systems Q1 Profit Increases, beats estimates

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

The company's bottom line came in at $247.64 million, or $0.91 per share. This compares with $241.80 million, or $0.89 per share, in last year's first quarter.

Excluding items, Cadence Design Systems reported adjusted earnings of $318.88 million or $1.17 per share for the period.

Analysts on average had expected the company to earn $1.13 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 2.0% to $1.00 billion from $1.02 billion last year.

Cadence Design Systems earnings at a glance (GAAP) :

-Earnings (Q1): $247.64 Mln. vs. $241.80 Mln. last year. -EPS (Q1): $0.91 vs. $0.89 last year. -Revenue (Q1): $1.00 Bln vs. $1.02 Bln last year.

-Guidance: Next quarter EPS guidance: $1.20 - $1.24 Next quarter revenue guidance: $1.03 - $1.05 Bln Full year EPS guidance: $5.88 - $5.98 Full year revenue guidance: $4.56 - $4.62 Bln