Cadence Design Systems stock up 6% after quarterly beat
Shares of Cadence Design Systems Inc. (CDNS) rose more than 6% in the extended session Monday after the software company reported fourth-quarter profit and sales above Wall Street expectations. Cadence said it earned $174 million, or 62 cents a share, in the quarter, compared with $660 million, or $2.36 a share, in the year-ago quarter. Adjusted for one-time items, Cadence earned $234 million, or 83 cents a share, compared with 54 cents a share a year ago. Revenue rose to $760 million from $600 million a year ago. Analysts polled by FactSet expected adjusted earnings of 74 cents a share on sales of $732 million. The company guided for first-quarter revenue in a range between $710 million and $730 million, and first-quarter GAAP EPS between 55 cents and 59 cents. For full-year 2021, the company guided for revenue between $2.86 billion and $2.92 billion, and GAAP EPS between $2.09 and $2.19. "I am very pleased that against the backdrop of an unprecedented year, Cadence delivered outstanding results for 2020, driven by our highly innovative solutions and strong execution," Chief Executive Lip-Bu Tan said in a statement. Shares of Cadence ended the regular trading day down 4.7%.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 22, 2021 17:55 ET (22:55 GMT)
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