Cadence Design Systems Lifts FY22 Outlook

(RTTNews) - While reporting its second-quarter results on Monday, Cadence Design Systems (CDNS) lifted its outlook for the full year 2022. The stock gained nearly 4% in extended session.

For the full year 2022, the company now expects earnings of $2.59 to $2.65 per share, adjusted earnings of $4.06 to $4.12 per share and revenues of $3.470 billion to $3.510 billion.

Previously, the company expected earnings of $2.51 to $2.59 per share, adjusted earnings of $3.89 to $3.97 per share and revenues of $3.395 billion to $3.435 billion.

Analysts polled by Thomson Reuters currently estimate earnings of $3.93 per share and revenues of $3.41 billion. Analysts' estimates typically exclude one-time items.

For the third quarter, the company expects revenues of $860 million to $880 million, earnings of $0.58 to $0.62 per share and adjusted earnings of $0.94 to $0.98 per share.

Analysts currently estimate earnings of $0.93 per share and revenues of $847.81 million for the quarter.

CDNS closed Monday's trading at $167.66, down $0.05 or 0.03%, on the Nasdaq. The stock, however, gained $6.34 or 3.78% in the after-hours trading.