Cadence Design Systems (CDNS) Tops Q2 EPS by 2c, Beats on Revenues; Offers 3Q & FY17 Guidance

Cadence Design Systems (NASDAQ: CDNS) reported Q2 EPS of $0.34, $0.02 better than the analyst estimate of $0.32. Revenue for the quarter came in at $479 million versus the consensus estimate of $476.17 million.

GUIDANCE:

Cadence Design Systems sees Q3 2017 EPS of $0.33-$0.35, versus the consensus of $0.35. Cadence Design Systems sees Q3 2017 revenue of $475-485 million, versus the consensus of $481.94 million.

Cadence Design Systems sees FY2017 EPS of $1.36-$1.42, versus the consensus of $1.38. Cadence Design Systems sees FY2017 revenue of $1.91-1.95 million, versus the consensus of $1.93 million.

Business Outlook

For the third quarter of 2017, the company expects total revenue in the range of $475 million to $485 million. Third quarter GAAP net income per diluted share is expected to be in the range of $0.24 to $0.26. Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.33 to $0.35.

For 2017, the company expects total revenue in the range of $1.910 billion to $1.950 billion. On a GAAP basis, net income per diluted share for 2017 is expected to be in the range of $0.98 to $1.04. Using the non-GAAP measure defined below, net income per diluted share for 2017 is expected to be in the range of $1.36 to $1.42.

A schedule showing a reconciliation of the business outlook from GAAP net income and diluted net income per share to non-GAAP net income and diluted net income per share is included in this release.

For earnings history and earnings-related data on Cadence Design Systems (CDNS) click here.

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