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PTC (PTC) saw its loss narrow to $1.10 million, or $0.01 a share for the quarter ended Apr. 01, 2017. In the previous year period, the company reported a loss of $5.17 million, or $0.05 a share. On the other hand, adjusted net income for the quarter stood at $34.76 million, or $0.30 a share compared with $26.16 million or $0.23 a share, a year ago. Revenue during the quarter went up marginally by 2.72 percent to $280.04 million from $272.63 million in the previous year period. Gross margin for the quarter expanded 19 basis points over the previous year period to 70.78 percent. Total expenses were 97.32 percent of quarterly revenues, down from 99.36 percent for the same period last year. This has led to an improvement of 204 basis points in operating margin to 2.68 percent.
Operating income for the quarter was $7.51 million, compared with $1.76 million in the previous year period.
However, the adjusted operating income for the quarter stood at $45.01 million compared to $38.30 million in the prior year period. At the same time, adjusted operating margin improved 202 basis points in the quarter to 16.07 percent from 14.05 percent in the last year period.
"We are very pleased with our second fiscal quarter performance," said James Heppelmann, President and CEO, PTC. "Bookings of $95 million and subscription mix of 71% both exceeded the high end of our guidance for the quarter. Bookings growth of 11% year-over-year was driven by another strong quarter in IoT, with new bookings growing faster than the estimated 40% market growth rate; as well as solid bookings results in CAD and core PLM, which both grew at or above the estimated market growth rates."
For fiscal year 2017, PTC expects revenue to be in the range of $1,162 million to $1,172 million for financial year 2017. The company expects operating income to grow in the range of 4 percent to 4 percent and expects adjusted operating income to grow in the range of 16 percent to 17 percent. It projects diluted earnings per share to be in the range of $1.13 to $1.23 on adjusted basis.
For the third-quarter, PTC expects revenue to be in the range of $288 million to $293 million. The company expects operating income to grow in the range of 2 percent to 4 percent. The company expects adjusted operating income to grow in the range of 15 percent to 16 percent. On an adjusted basis, the company projects diluted earnings per share to be in the range of $0.24 to $0.29.
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