Parametric Technology Corp. (PMTC) said its second-quarter profit plunged to $3.5 million or $0.03 per share from $19.0 million or $0.16 per share in the year-earlier quarter, due mainly to expenses. Nonetheless, adjusted earnings for the quarter came in ahead of estimates, as did revenues.
Adjusted earnings were $36.0 million or $0.30 per share, compared to $31.2 million or $0.26 per share last year. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.27 per share for the second quarter. Analysts estimates typically exclude special items.
Adjusted earnings exclude $13 million stock-based compensation expense, $9 million of acquisition-related intangible asset amortization, $21 million of restructuring expense and acquisition-related expense, and related income tax adjustments, among others.
Second-quarter revenues increased to $301.1 million from $269.2 million last year. Analysts expected revenues of $300.18 million for the period.
Looking ahead to the third quarter of 2012, the company expects earnings in the range of $0.15 to $0.20 per share, with adjusted earnings of $0.28 to $0.32 per share. Analysts currently expect earnings of $0.35 per share for the quarter.
Revenues are forecast in the range of $300 million to $315 million for the second quarter of 2012. Analysts currently expect revenues of $316.93 million for the second quarter.
The company also revised its fiscal year 2012 guidance. The company now targets an adjusted revenue growth of 8 percent to 10 percent. Earnings are currently expected to range from $0.76 to $0.84 per share, with adjusted earnings of $1.42 to $1.50 per share. Analysts currently expect earnings of $1.49 per share for the year.
Revenues are now expected to range from $1.26 billion to $1.28 billion for 2012. The Street anticipates revenues of $1.30 billion for the year.
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