AP NEWS

Cadence: 4Q Earnings Snapshot

February 19, 2019

SAN JOSE, Calif. (AP) _ Cadence Design Systems Inc. (CDNS) on Tuesday reported fourth-quarter net income of $98.4 million, after reporting a loss in the same period a year earlier.

The San Jose, California-based company said it had profit of 35 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 52 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.

The maker of hardware and software products for validating chip designs posted revenue of $569.9 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $550.8 million.

For the year, the company reported profit of $345.8 million, or $1.23 per share. Revenue was reported as $2.14 billion.

For the current quarter ending in April, Cadence expects its per-share earnings to range from 48 cents to 50 cents.

The company said it expects revenue in the range of $565 million to $575 million for the fiscal first quarter.

Cadence expects full-year earnings in the range of $1.97 to $2.07 per share, with revenue ranging from $2.27 billion to $2.31 billion.

Cadence shares have risen 21 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $52.64, a rise of 34 percent in the last 12 months.

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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