SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported third-quarter earnings of $254.3 million.
On a per-share basis, the San Jose, California-based company said it had net income of 93 cents. Earnings, adjusted for one-time gains and costs, were $1.26 per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.
The maker of hardware and software products for validating chip designs posted revenue of $1.02 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $1.01 billion.
For the current quarter ending in December, Cadence expects its per-share earnings to range from $1.30 to $1.36.
The company said it expects revenue in the range of $1.04 billion to $1.08 billion for the fiscal fourth quarter.
Cadence expects full-year earnings in the range of $5.07 to $5.13 per share, with revenue ranging from $4.06 billion to $4.1 billion.
Cadence shares have climbed 49% since the beginning of the year. In the final minutes of trading on Monday, shares hit $239.59, a rise of 51% 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