PTC Inc. (PMTC) Wednesday reported a sharp rise in profit for the second quarter, helped mainly by higher revenues. The company has also raised its full-year 2013 earnings outlook, but has cut revenue forecast for the same.
Net income for the quarter surged to $17.04 million or $0.14 per share from $3.57 million or $0.03 per share in the comparable quarter last year.
Adjusted earnings for the quarter was $0.41 per share. On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.35 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $313.95 million, up from $301.13 million last year. Adjusted revenues for the quarter was $315 million. Analysts expected revenues of $315.92 million.
Looking ahead to the second quarter, the company has forecast earnings in the range of $0.22 to $0.27 per share, with adjusted earnings in the order of $0.40 to $0.45 per share.
Revenues are expected to range between $314 million and $329 million, with adjusted revenues in the range of $315 million to $330 million.
Analysts, based on consensus, currently expect second-quarter profit of $0.45 per share and revenues of $337.59 million.
For the fiscal year 2013, the company has lifted its earnings outlook to a range of $1.03 to $1.13 per share, with adjusted earnings in the order of $1.70 to $1.80 per share. The company earlier expected to report full-year earnings in the range of $0.95 to $1.05 per share.Revenues are currently projected in the range of $1.30 billion to $1.31 billion, with adjusted revenues ranging between $1.31 billion to $0.32 billion. This compares to previous guidance range of $1.34 billion to $1.37 billion.
Analysts currently expect the company to report full-year earnings of $1.77 per share on revenues of $1.35 billion.
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