Cadence Design Systems Q3 Profit Declines; Lifts FY13 GAAP EPS Outlook

(RTTNews) - Cadence Design Systems Inc. (CDNS) Wednesday reported third-quarter net income of $39 million or $0.13 per share, compared to $59 million or $0.21 per share last year.

Adjusted net income for the quarter was $63 million or $0.21 per share, compared to $59 million or $0.21 per share in the year-ago period. On average, 9 analysts polled by Thomson Reuters expected earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.

Cadence reported third quarter revenues of $366.65 million, compared to $338.53 million for the same period last year, while nine analysts estimated revenues of $367.03 million for the quarter.

Looking forward to the fourth quarter, the company expects earnings of $0.11 to $0.13 per share, adjusted earnings of $0.22 to $0.24 per share and revenues of $370 million to $380 million. Analysts currently estimate earnings of $0.23 per share on revenues of $378.57 million for the quarter.

For the full year 2013, the company now expects earnings of $0.55 to $0.56 per share, adjusted earnings of of $0.85 to $0.86 per share and revenues of $1.45 billion to $1.46 billion. Analysts currently estimate earnings of $0.86 per share on revenues of $1.46 billion.

Previously, the company expected earnings of $0.45 to $0.54 per share, adjusted earnings of $0.80 to $0.89 per share and revenues of $1.45 billion to $1.47 billion.