Cadence Design Systems Q2 Profit Down

(RTTNews) - Cadence Design Systems Inc. (CDNS) Wednesday reported second-quarter net income of $9.4 million or $0.03 per share, compared to $36.4 million or $0.13 per share last year.

Adjusted net income for the quarter was $61.2 million or $0.21 per share, compared to $52.9 million or $0.19 per share last year. On average, 9 analysts polled by Thomson Reuters expected earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

Cadence reported second quarter revenues of $3620.5 million, compared to $326.5 million for the same period last year. Analysts estimated revenues of $359.60 million for the quarter.

Looking forward to the third quarter, the company expects earnings of $0.08 to $0.10 per share, adjusted earnings of $0.19 to $0.21 per share, and revenues of $360 million to $370 million. Analysts currently estimate earnings of $0.23 per share on revenues of $368.80 million for the quarter.

For the full year 2013, the company now expects earnings of $0.45 to $0.54 per share, adjusted earnings of of $0.80 to $0.89 per share, and revenues of $1.445 billion to $1.465 billion. Analysts currently estimate earnings of $0.88 per share on revenues of $1.46 billion.

Previously, the company expected earnings of $0.59 to $0.69 per share, adjusted earnings of $0.81 to $0.91 per share and revenues of $1.44 billion to $1.47 billion.