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PTC Profit Tops Estimates; Cuts FY Guidance

Software maker PTC Inc (PTC) on Wednesday reported second-quarter net earnings of $5.4 million or $0.05 per share compared with $43.8 million or $0.36 per share last year.

Results for the quarter included restructuring charges of $38.5 million, among other items.

Excluding items, adjusted earnings for the quarter were $0.53 per share compared with $0.48 per share a year ago.

PTC, which is cutting jobs, said its revenues for the quarter fell 4% to $314.1 million from $328.7 million in the prior year.

Adjusted revenues for the quarter totaled $315.3 million.

Analysts polled by Thomson Reuters estimated earnings of $0.47 per share on revenues of $315 million for the quarter. Analysts' estimates typically exclude special items.

PTC said its core software business continues to perform well amid the current macroeconomic environment, but said currency headwinds will weigh on its results for the year.

For the third quarter, the company expects adjusted earnings of $0.47 to $0.50 per share on revenues of $307 million to $312 million. Analysts expect earnings of $0.56 per share on revenues of $327.3 million.

For the full year 2015, the company now expects adjusted earnings of $2.18 to $2.30 per share on revenues of $1.28 billion to $1.30 billion. Earlier it expected earnings of $2.20 to $2.35 per share on revenues of $1.32 billion to $1.35 billion.

Analysts expect earnings of $2.27 per share on revenues of $1.33 billion for the year.

PTC develops software products in the areas of computer-aided design and product lifecycle management, among others.

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