Synopsys Inc. (SNPS) Wednesday reported an increase in profit for the third quarter, driven by a double-digit growth in revenues.
The Mountain View, California-based company's third-quarter net profit was $75.66 million or $0.50 per share, compared to $52.08 million or $0.35 per share last year.
Adjusted income for the quarter was $82.33 million or $0.55 per share, compared to $68.09 million or $0.46 per share in the prior-year quarter. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.50 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 14.8 percent to $443.75 million from $386.80 million in the prior-year quarter. Seven analysts had a consensus revenue estimate of $443.94 million for the quarter.
Looking ahead, the company expects fourth quarter earnings in the range of $0.22 to $0.28 per share and adjusted earnings to range between $0.46 and $0.48 per share. Revenues for the fourth quarter are anticipated in the range of $440 million to $448 million. Analysts currently expect the company to earn $0.48 per share for the quarter, with revenues of $451.46 million.
The company lifted its full-year earnings and adjusted earnings guidance. Earnings are expected to be in a range of $1.25 to $1.31 per share from previous estimate of $1.04 to $1.16 per share and adjusted earnings are expected to be in the range of $2.09 to $2.11 per share from prior estimate of $2.03 and $2.07 per share. Analysts currently expect earnings of $2.07 per share for the year.
For the full-year, the company lowered its higher end of revenue guidance and projects revenue in a range of $1.74 billion to $1.75 billion from prior estimate of $1.74 billion to $1.76 billion. Analysts currently expect revenues of $1.75 billion.
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