Synopsys Q2 Results Top Estimates

(RTTNews) - Synopsys, Inc. (SNPS) reported net income for the second quarter of $63.3 million or $0.40 per share, compared to $68.7 million or $0.44 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $101.7 million or $0.65 per share, compared to $103.7 million or $0.66 per share in the prior year quarter.

Revenue for the second quarter grew 3.7% to $517.7 million from $499.3 million a year earlier.

Analysst polled by Thomson Reuters expected the company to earn $0.59 per share on revenue of $512.16 million for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company forecasts revenue of $515 million - $525 million, earnings per share of $0.30 - $0.38 and adjusted earnings per share of $0.60 - $0.62. Analysts currently expect the company to earn $0.60 per share on revenue of $524.86 million for the third quarter.

For the fiscal year 2014, the company now forecasts revenue of $2.05 billion - $2.075 billion, earnings per share of $1.55 - $1.68 and adjusted earnings per share of $2.45 - $2.50. Previosly, the company forecast revenue of $2.03 billion - $2.07 billion, earnings per share of $1.72 - $1.83 per share and adjusted earnings per share of $2.55 - $2.60. Analysts currently expect the company to earn $2.46 per share on revenue of $2.07 billion for the fiscal year 2014.