Cadence Results Top View, Q4 Outlook Weak; Tightens FY Adj. EPS Guidance

(RTTNews) - Cadence Design Systems Inc (CDNS) Monday reported third-quarter net earnings of $37.5 million or $0.12 per share compared with $38.5 million or $0.13 per share last year.

Excluding items, adjusted earnings for the quarter were $0.26 per share compared with $0.21 per share a year ago.

Revenues for the quarter were $400.5 million compared with $366.6 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.24 per share on revenues of $396.2 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the fourth quarter, the company expects adjusted earnings of $0.26 to $0.28 per share on revenues of $417 million to $427 million. Analysts expect earnings of $0.29 per share on revenues of $427.4 million.

For the full year, Cadence now projects adjusted earnings of $0.92 to $0.94 per share on revenues of $1.58 billion to $1.59 billion. It earlier expected earnings of $0.90 to $0.98 per share on revenues of $1.57 billion to $1.59 billion.

Analysts expect earnings of $0.94 per share on revenues of $1.58 billion for the year.

Cadence, based in San Jose, California, develops electronic design automation software, emulation hardware, verification intellectual property, and design intellectual property for semiconductor and electronics systems companies.