SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported fourth-quarter earnings of $240.4 million.
On a per-share basis, the San Jose, California-based company said it had net income of 88 cents. Earnings, adjusted for one-time gains and costs, were 96 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 91 cents per share.
The maker of hardware and software products for validating chip designs posted revenue of $899.9 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $880.6 million.
For the current quarter ending in March, Cadence expects its per-share earnings to range from $1.23 to $1.27.
The company said it expects revenue in the range of $1 billion to $1.02 billion for the fiscal first quarter.
Cadence expects full-year earnings in the range of $4.90 to $5 per share, with revenue ranging from $4 billion to $4.06 billion.
Cadence shares have increased 16% since the beginning of the year. In the final minutes of trading on Monday, shares hit $185.70, a climb of 30% 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
