PTC Q2 Profit Rises, Lifts FY21 Outlook

(RTTNews) - PTC (PMTC) Wednesday reported second-quarter net income of $109.3 million or $0.92 per share, up from $7.2 million or $0.06 per share last year.

Adjusted earnings for the quarter were $1.08 per share, up from $0.59 per share last year.

Revenues for the quarter grew 28% to $461.8 million from $359.6 million last year, driven primarily by strong execution, as well as the impact of up-front license revenue recognition under ASC 606, and a modest contribution from Arena.

Analysts polled by Thomson Reuters expected earnings of $0.70 per share on revenues of $416.19 million. Analysts' estimates typically exclude one-time items.

Looking forward to full year 2021, the company now expects adjusted earnings of $3.18 to $3.39 per share and revenues of $1.71 billion to $1.74 billion. Analysts currently estimate earnings of $3.16 per share on revenues of $1.71 billion.

Previously, the company expected adjusted earnings of $3.05 to $3.25 per share on revenues of $1.69 billion to $1.73 billion.