Aspen Technology, Inc. (AZPN) Tuesday reported third-quarter profit of $10.51 million or $0.11 per share, compared to a loss of $520 thousand or $0.01 per share in the comparable quarter last year.
Adjusted earnings for the quarter was $12.9 million or $0.14 per share. On average, eight analysts polled by Thomson Reuters expected the company to earn $0.05 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $79.36 million, up from $61.34 million last year. Analysts expected revenues of $73.10 million.
The company's Board of Directors have approved a share repurchase program for up to $150 million, replacing the existing share repurchase program, which had approximately $65 million remaining as of March 31.
The company has also announced appointment of Antonio Pietri as its President and Chief Executive Officer, effective October 1. Pietri replaces Mark Fusco who has decided to retire from the company.
Pietri is currently AspenTech's Executive Vice President of Worldwide Field Operations. He joined the company through its acquisition of Setpoint where he served as a sales manager for the South American region. Prior to joining Setpoint, Pietri worked at ABB Simcon.
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