Synopsys 2Q income up absent acquisition charges
Synopsys 2Q profit jumps absent last year's acquisition charges; lifts profit view slightly
MOUNTAIN VIEW, Calif. (AP) -- Software maker Synopsys Inc. said Wednesday that its net income more than tripled in the fiscal second quarter compared with a year ago, when costs tied to an acquisition weighed down profit.
The Mountain View, Calif., company earned $68.7 million, or 44 cents per share, in the three months through April 30, up from profit of $21 million, or 14 cents per share. Last year's period included $30.2 million in charges related to the February 2012 acquisition of Magma Design Automation for $523 million.
Excluding one-time items, per-share earnings rose to 66 cents from 53 cents. Revenue grew 15 percent, to $499.3 million from $432.6 million.
Analysts were expecting net income of 63 cents per share and $496.5 million in revenue, according to FactSet.
The company's outlook for the current quarter was shy of analyst expectations, but it still raised its profit view for the year ending in October. Synopsys lifted its forecast for adjusted profit for the fiscal year by 2 cents, to $2.37 to $2.42 per share. It maintained its forecast of $1.96 billion to $1.98 billion in revenue.
Analysts project net income of $2.40 per share and $1.97 billion in revenue.
Shares of Synopsys fell 37 cents to close at $35.40 Wednesday and gained 75 cents, or 2.1 percent, to $36.15 in aftermarket trading. The stock is up 11 percent in 2013.
