Cadence Projects Q3 Adj. EPS Below Estimates - Quick Facts

(RTTNews) - Cadence Design Systems, Inc. (CDNS) announced, for the third quarter of 2016, the company expects total revenue in the range of $440 million to $450 million. Third quarter non-GAAP net income per share is expected to be in the range of $0.27 to $0.29. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.31 on revenue of $457.24 million. Analysts' estimates typically exclude special items.

For 2016, the company expects total revenue in the range of $1.80 billion to $1.83 billion. On a non-GAAP basis, net income per share for 2016 is expected to be in the range of $1.17 to $1.23. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.21 on revenue of $1.82 billion.

On a GAAP basis, Cadence recognized net income of $49 million, or $0.17 per share in the second quarter of 2016, compared to $58 million, or $0.19 per share, for the same period in 2015. Non-GAAP net income in the second quarter of 2016 was $86 million, or $0.29 per share compared to $85 million, or $0.27 per share, for the same period in 2015. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.28 for the quarter.

Cadence reported second quarter 2016 revenue of $453 million, compared to $416 million reported for the same period in 2015. Analysts expected revenue of $449.54 million, for the quarter.