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Cadence Design Systems profit misses consensus by 49.2% in fiscal Q1

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Cadence Design Systems profit misses consensus by 49.2% in fiscal Q1

Cadence Design Systems Inc. said its normalized net income for the fiscal first quarter ended April 1 amounted to 16 cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

EPS climbed 12.0% year over year from 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $44.5 million, a gain from $43.4 million in the year-earlier period.

The normalized profit margin dropped to 9.3% from 9.7% in the year-earlier period.

Total revenue rose 6.5% year over year to $476.9 million from $447.9 million, and total operating expenses climbed 6.4% on an annual basis to $399.1 million from $375.2 million.

Reported net income increased 34.6% from the prior-year period to $69.4 million, or 25 cents per share, from $51.6 million, or 17 cents per share.