Engineering simulation and 3D-design software maker Ansys topped expectations for the second quarter, but it lowered its outlook for sales and earnings in the current quarter. ANSS stock fell Thursday on the news.
The Canonsburg, Pa.-based company late Wednesday said it earned an adjusted $1.60 a share on sales of $496.6 million in the June quarter. Analysts polled by FactSet had expected Ansys earnings of $1.50 a share on sales of $490 million. On a year-over-year basis, Ansys earnings shrank 10% while sales rose 4%.
For the current quarter, Ansys predicted adjusted earnings of $1.25 a share on sales of $463.7 million. That's based on the midpoint of its outlook. Wall Street had called for earnings of $1.90 a share on sales of $526 million in the third quarter.
For the full year, Ansys forecast adjusted earnings of $8.64 a share on sales of $2.29 billion. Analysts were looking for earnings of $8.66 a share on sales of $2.29 billion.
ANSS Stock Is On Tech Leaders List
On the stock market today, ANSS stock dropped 6.1% to close at 305.47. During the regular session Wednesday, ANSS stock fell 3.4% to 325.37.
"Ansys delivered another outstanding quarter, once again beating financial guidance across all key metrics," Chief Executive Ajei Gopal said in a news release.
He added, "We recently released the latest version of our product portfolio, Ansys 2023 R2, which is empowering customers to expand the use of Ansys simulation in new and exciting ways."
Ansys makes software for product development and design. It serves customers in industries such as aerospace, automotive, defense, electronics, energy, consumer products and health care.
ANSS stock is on the IBD Tech Leaders list.
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