Chip-design software provider Synopsys Inc. (SNPS) Wednesday reported second-quarter net income of $68.7 million or $0.44 per share, compared with $21 million or $0.14 per share last year.
Results for the prior-year quarter included $30 million of costs associated with the acquisition of Magma Design Automation.
Excluding items, adjusted earnings for the quarter were $103.7 million or $0.66 per share, compared with $78.5 million or $0.53 per share in the prior year.
On average, six analysts polled by Thomson Reuters estimated earnings of $0.63 per share for the quarter. Analysts' estimates typically exclude special items.
Synopsys provides software, IP and services used to accelerate innovation in chips and electronic systems. The company posted quarterly revenues of $499 million, up 15% from $432.6 million a year ago. Analysts had consensus revenue estimate of $496.27 million.
For the third quarter, Synopsys expects net earnings of $0.28 to $0.34 per share, adjusted earnings of $0.53 to $0.55 per share, and revenues of $475 million to $485 million. Analysts currently expect earnings of $0.57 per share on revenues of $495.85 million.
For fiscal year 2013, Synopsys now estimates adjusted earnings of $2.37 to $2.42 per share, up from prior range of $2.35 to $2.40 per share. Revenues are still forecast in the range of $1.955 billion to $1.975 billion.
Analysts currently expect earnings of $2.40 per share on revenues of $1.97 billion for 2013.
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