Results for: Cadence Design Systems

Several companies made headlines in after-hours trading due to earnings reports and guidance updates. Nucor underwhelmed with its first-quarter results and cut its second-quarter outlook, sending its shares down 6.3%. Cleveland-Cliffs similarly missed estimates, resulting in a loss of nearly 3%. Cadence Design Systems’ lackluster second-quarter guidance dragged its shares down 8.9%. Meanwhile, Globe Life raised its full-year earnings guidance, leading to a 1.8% gain. Crane Company’s earnings and revenue beat, pushing its shares up 3.7%. Other movers included Alexandria Real Estate Equities, Packaging Corporation of America, Calix, Simpson Manufacturing, Medpace, and TrustCo Bank Corp. NY.

Cadence Design Systems’ shares plunged in extended trading after the company issued a weak outlook for its fiscal second quarter. Sales are projected between $1.03B and $1.05B, falling short of analysts’ estimates of $1.11B. Adjusted earnings are expected in the range of $1.20 to $1.24 per share, significantly below analysts’ expectations of $1.43 per share. Despite this, Cadence raised its full-year outlook with sales anticipated between $4.56B and $4.62B, an increase from its previous forecast. Adjusted earnings are also expected to be higher, ranging between $5.88 and $5.98 per share. Notably, Cadence’s revenue slipped 1% in the first quarter, but its adjusted earnings per share came in above analysts’ estimates.

Cadence Design Systems (CDNS) reported better-than-expected first-quarter financial results, with earnings per share of $1.17 surpassing the $1.13 analyst consensus estimate and revenue reaching $1.009 billion, exceeding the $1.002 billion forecast. Despite a decline in operating margin, the company highlighted its strong backlog and momentum in its AI portfolio and hardware platforms.

Cadence Design Systems surpassed market expectations for its fiscal Q1, releasing impressive earnings per share of $1.17 and revenue of $1.01 billion. Despite falling short of analysts’ estimates for full-fiscal 2024 earnings and revenue, Cadence’s performance remains strong. The company’s adjusted operating margin witnessed a slight decrease but remained higher than anticipated.