Cadence: Q4 Earnings Snapshot

SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported fourth-quarter net income of $240.4 million.

The San Jose, California-based company said it had profit of 88 cents per share. Earnings, adjusted for one-time gains and costs, were 96 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 91 cents per share.

The maker of hardware and software products for validating chip designs posted revenue of $899.9 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $880.6 million.

For the year, the company reported profit of $849 million, or $3.09 per share. Revenue was reported as $3.56 billion.

For the current quarter ending in March, Cadence expects its per-share earnings to range from $1.23 to $1.27.

The company said it expects revenue in the range of $1 billion to $1.02 billion for the fiscal first quarter.

Cadence expects full-year earnings in the range of $4.90 to $5 per share, with revenue ranging from $4 billion to $4.06 billion.

Cadence shares have climbed 16% since the beginning of the year. In the final minutes of trading on Monday, shares hit $185.70, an increase of 30% 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