Latest News by Industry
SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported fourth-quarter profit of $323.9 million.
The San Jose, California-based company said it had profit of $1.19 per share. Earnings, adjusted for one-time gains and costs, came to $1.38 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.34 per share.
The maker of hardware and software products for validating chip designs posted revenue of $1.07 billion in the period, which met Street forecasts.
For the year, the company reported profit of $1.04 billion, or $3.82 per share. Revenue was reported as $4.09 billion.
For the current quarter ending in March, Cadence expects its per-share earnings to range from $1.10 to $1.14.
The company said it expects revenue in the range of $990 million to $1.01 billion for the fiscal first quarter.
Cadence expects full-year earnings in the range of $5.87 to $5.97 per share, with revenue ranging from $4.55 billion to $4.61 billion.
Cadence shares have risen 13% since the beginning of the year. In the final minutes of trading on Monday, shares hit $306.58, a rise of 67% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDNS at https://www.zacks.com/ap/CDNS