Mentor Graphics profit beats; raises profit view
(Reuters) - Chip-design software maker Mentor Graphics Corp (MENT.O) reported a profit above market estimates for the seventh straight quarter, helped by high demand for its latest software, and the company raised its full-year earnings forecast.
Mentor Graphics, which competes with Synopsys Inc (SNPS.O) and Cadence Design Systems Inc (CDNS.O), said it now expects adjusted earnings of $1.37 per share for the full year, up from its previous forecast view of $1.32 per share.
It reaffirmed full-year revenue outlook of $1.1 billion.
Analysts on average had expected earnings of $1.33 per share on revenue of $1.10 billion, according to Thomson Reuters I/B/E/S.
"The release of our next-generation emulation platform during the quarter has attracted broad customer interest, and we have a very full sales funnel," Chief Executive Walden Rhines said in a statement.
For the first quarter, net income attributable to Mentor's shareholders was $28.2 million, or 25 cents per share, compared with a loss of $2.4 million, or 2 cents per share, a year ago.
Excluding items, it earned 30 cents a share.
Revenue rose 8 percent to $247.9 million.
Analysts were expecting earnings of 25 cents per share on revenue of $254.9 million.
Shares of the company closed at $15.21 on Thursday on the Nasdaq.
(Reporting by Supantha Mukherjee in Bangalore; Editing by Joyjeet Das)
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