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Synopsys Inc (SNPS) has reported a 23.16 percent fall in profit for the quarter ended Apr. 30, 2017. The company has earned $53.31 million, or $0.34 a share in the quarter, compared with $69.38 million, or $0.45 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $135.84 million, or $0.88 a share compared with $125.63 million or $0.81 a share, a year ago. Revenue during the quarter grew 12.41 percent to $680.07 million from $605 million in the previous year period. Gross margin for the quarter contracted 207 basis points over the previous year period to 76.17 percent. Total expenses were 92.12 percent of quarterly revenues, up from 85.65 percent for the same period last year. That has resulted in a contraction of 647 basis points in operating margin to 7.88 percent.
Operating income for the quarter was $53.61 million, compared with $86.81 million in the previous year period.
“In the second fiscal quarter, we again delivered strong results across our portfolio, enhanced by the timing of hardware shipments. Consequently, we are increasing our annual revenue, non-GAAP earnings per share and operating cash flow targets. In addition, we executed a second $100 million share repurchase,” said Aart de Geus, chairman and chief executive officer of Synopsys. “Our priorities remain centered on generating long-term shareholder value. We do this by investing prudently for current and future operations, acquisitions, and returning capital to shareholders; scaling revenue and profitability throughout our business; and sustainably growing our bottom line.”
For the third-quarter, Synopsys forecasts revenue to be in the range of $685 million to $700 million. Synopsys forecasts revenue to be in the range of $2,650 million to $2,670 million for fiscal year 2017. The company expects diluted earnings per share to be in the range of $0.69 to $0.78 for the third-quarter. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $1.84 to $1.97. On an adjusted basis, the company expects diluted earnings per share to be in the range of $0.91 to $0.94 for the third-quarter. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $3.24 to $3.29 on adjusted basis.
Operating cash flow declines
Synopsys Inc has generated cash of $169.86 million from operating activities during the first half, down 9.30 percent or $17.41 million, when compared with the last year period. The company has spent $218.46 million cash to meet investing activities during the first six months as against cash outgo of $78.70 million in the last year period.
Cash flow from financing activities was $66.84 million for the first six months as against cash outgo of $118.77 million in the last year period.
Cash and cash equivalents stood at $991.32 million as on Apr. 30, 2017, up 19.73 percent or $163.38 million from $827.95 million on Apr. 30, 2016.
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