Cadence Design Systems Lifts FY22 Outlook; Shares Up 5%

(RTTNews) - While reporting its first-quarter results on Monday, Cadence Design Systems (CDNS) lifted its outlook for the full year 2022. The stock gained over 5% in extended session.

For the full year 2022, the company now expects earnings of $2.51 to $2.59 per share, adjusted earnings of $3.89 to $3.97 per share and revenues of $3.395 billion to $3.435 billion.

Previously, the company expected earnings of $2.46 to $2.56 per share, adjusted earnings of $3.70 to $3.80 per share on revenues of $3.32 billion to $3.38 billion.

Analysts polled by Thomson Reuters currently estimate earnings of $3.80 per share and revenues of $3.36 billion. Analysts' estimates typically exclude one-time items.

For the second quarter, the company expects revenues of $825 million to $845 million, earnings of $0.59 to $0.63 per share and adjusted earnings of $0.95 to $0.99 per share. Analysts currently estimate earnings of $0.92 per share and revenues of $823.74 million for the quarter.

CDNS closed Monday's trading at $151.10, up $3.03 or 2.05%, on the Nasdaq. The stock further gained $8.30 or 5.49% in the after-hours trading.