Cadence Design Systems Q1 adjusted earnings Beat Estimates

(RTTNews) - Cadence Design Systems (CDNS) announced a profit for its first quarter that advanced from the same period last year.

The company's bottom line totaled $123.99 million, or $0.44 per share. This compares with $120.56 million, or $0.43 per share, in last year's first quarter.

Excluding items, Cadence Design Systems reported adjusted earnings of $166.30 million or $0.60 per share for the period.

Analysts had expected the company to earn $0.54 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 7.1% to $617.96 million from $576.74 million last year.

Cadence Design Systems earnings at a glance:

-Earnings (Q1): $166.30 Mln. vs. $152.24 Mln. last year. -EPS (Q1): $0.60 vs. $0.54 last year. -Analysts Estimate: $0.54 -Revenue (Q1): $617.96 Mln vs. $576.74 Mln last year.

-Guidance: Next quarter EPS guidance: $0.50 to $0.54 Full year EPS guidance: $2.40 to $2.50