Ansys Inc. (ANSS), a provider of simulation software and technologies, said Thursday that its third quarter profit increased from last year, helped by higher revenue and lower operating expenses. Looking ahead, the company provided guidance for the fourth quarter of fiscal 2009, while revising its outlook for the full year.
The company posted GAAP net income of $30.5 million or $0.33 per share for the third quarter, up from $25.8 million or $0.29 per share in the prior year quarter.
Excluding items, non-GAAP net income rose to $41.4 million or $0.45 per share from $38.7 million or $0.43 per share in the year-ago quarter. On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the third quarter. Analysts' estimates typically exclude special items.
Third quarter total GAAP revenue increased to $128.2 million from $122.2 million in the third quarter of 2008. Total non-GAAP revenue remained flat at $128.8 million. Ten analysts had a consensus revenue estimate of $127.69 million for the third quarter.
Total operating expenses for the third quarter eased to $56.7 million from $59.4 million in the prior year quarter.
For the nine-month period of 2009, Ansys reported GAAP net income of $78.8 million or $0.86 per share, down from $79.8 million or $0.94 per share in the previous year period.
Non-GAAP net income was $114.8 million or $1.25 per share, compared to $105.8 million or $1.25 per share in the prior year period.
Total GAAP revenue increased to $366.5 million from $343.0 million in the year-ago period. On a non-GAAP basis, revenue rose to $374.4 million from $349.6 million last year.
For the fourth quarter of 2009, Ansys anticipates GAAP earnings of $0.34 to $0.38 per share and non-GAAP earnings of $0.47 to $0.49 per share. GAAP revenue is estimated to be in the range of $135.8 million to $141.8 million, and non-GAAP revenue is expected to be between $136 million and $142 million. Street estimates earnings of $0.49 per share, on revenue of $144.75 million for the fourth quarter.
The fourth quarter guidance excludes non-recurring pre-tax restructuring charges of about $1.1 million to $1.9 million associated with continued headcount right-sizing initiatives, and up to $3 million in tax charges related to cash repatriation activities that are expected to occur in the fourth quarter.
For fiscal year 2009, the company now expects GAAP earnings of $1.20 to $1.24 per share, non-GAAP earnings of $1.72 to $1.74 per share. GAAP revenue is estimated to be in the range of $502.3 million to $508.3 million, and non-GAAP revenue is expected between $510.4 million and $516.4 million. Analysts project earnings of $1.71 per share on revenue of $518.08 million for the year 2009.
Earlier, the company estimated GAAP earnings of $1.13 to $1.26 per share, non-GAAP earnings of $1.66 to $1.76 per share. GAAP revenue was estimated to be in the range of $501.9 million to $519.9 million, and non-GAAP revenue was expected between $510 million and $528 million.
For fiscal year 2010, Ansys forecasts GAAP earnings growth of 8% - 18%, and non-GAAP earnings growth of 5% - 10%. The company also expects GAAP revenue growth of 8% - 13%, and non-GAAP revenue growth of 6% - 11%. Analysts expect earnings of $1.90 per share, on revenue of $570.56 million for the year 2010.
ANSS is currently trading at $39.31, down $2.16 or 5.21% on a volume of 2.15 million shares.
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