SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Tuesday reported fourth-quarter profit of $388.1 million.
On a per-share basis, the San Jose, California-based company said it had profit of $1.42. Earnings, adjusted for stock option expense and amortization costs, came to $1.99 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.90 per share.
The maker of hardware and software products for validating chip designs posted revenue of $1.44 billion in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $1.42 billion.
For the year, the company reported profit of $1.11 billion, or $4.06 per share. Revenue was reported as $5.3 billion.
For the current quarter ending in March, Cadence expects its per-share earnings to range from $1.89 to $1.95.
The company expects full-year earnings in the range of $8.05 to $8.15 per share, with revenue ranging from $5.9 billion to $6 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDNS at https://www.zacks.com/ap/CDNS
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