Cadence Design Systems Q3 Profit Rises

(RTTNews) - Cadence Design Systems (CDNS) Monday reported a third-quarter profit of $161.63 million or $0.58 per share, up from $101.51 million or $0.36 per share last year.

Excluding items, Cadence Design Systems reported adjusted earnings of $197.05 million or $0.70 per share for the period. Analysts polled by Thomson Reuters expected earnings of $0.61 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter rose 15.0% to $666.61 million from $579.60 million last year. Analysts had a consensus revenue estimate of $641.47 million.

Looking forward to the fourth quarter, the company expects revenues of $720 million to $740 million and adjusted earnings of $0.72 to $0.76 per share. Analysts currently estimate earnings of $0.68 per share on revenues of $703.74 million.

For the full year 2020, the company expects revenues of $2.643 billion to $2.663 billion and adjusted earnings of $2.68 to $2.72 per share. Analysts currently estimate earnings of $2.54 per share on revenues of $2.60 billion.