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Cadence: 1Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Cadence Design Systems Inc. (CDNS) on Monday reported first-quarter profit of $120.6 million.

The San Jose, California-based company said it had profit of 43 cents per share. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The maker of hardware and software products for validating chip designs posted revenue of $576.7 million in the period.

For the current quarter ending in July, Cadence expects its per-share earnings to range from 52 cents to 54 cents.

The company said it expects revenue in the range of $575 million to $585 million for the fiscal second quarter.

Cadence expects full-year earnings in the range of $2.04 to $2.12 per share, with revenue ranging from $2.31 billion to $2.34 billion.

Cadence shares have risen 48 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $64.25, a rise of 72 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDNS at https://www.zacks.com/ap/CDNS