Cadence Design Systems Q1 Profit Increases, beats estimates

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

The company's bottom line came in at $235.34 million, or $0.85 per share. This compares with $187.17 million, or $0.67 per share, in last year's first quarter.

Excluding items, Cadence Design Systems reported adjusted earnings of $323.62 million or $1.17 per share for the period.

Analysts on average had expected the company to earn $1.02 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 22.5% to $901.77 million from $736.03 million last year.

Cadence Design Systems earnings at a glance (GAAP) :

-Earnings (Q1): $235.34 Mln. vs. $187.17 Mln. last year. -EPS (Q1): $0.85 vs. $0.67 last year. -Analyst Estimate: $1.02 -Revenue (Q1): $901.77 Mln vs. $736.03 Mln last year.

-Guidance: Next quarter EPS guidance: Adj: $0.95 to $0.99 Next quarter revenue guidance: $825 - $845 Mln Full year EPS guidance: Adj: $3.89 to $3.97 Full year revenue guidance: $3.395 - $3.435 Bln