Cadence Design Earnings, Revenue Beat in Q4; Delivers Upbeat Guidance By

© Reuters. Cadence Design Earnings, Revenue Beat in Q4

By Yasin Ebrahim – Cadence Design (NASDAQ:) reported Monday fourth-quarter that topped analysts expectations and delivered upbeat revenue guidance

Cadence Design rose 2% in aftermarket hours following its quarterly report.

For the first quarter of 2021, the company expects diluted EPS to be in the range of $0.72 to $0.76 on revenue in the range of $710 million to $730 million. That compared with estimates for EPS of $0.70 on revenue of $697.2 million.

For 2020, the company expects total revenue in the range of $2.64 and $2.66 billion, up $53 million from a prior estimates, while revenue fo $2.86 billion to $2.92 billion was forecast for 2021.

Cadence Design announced earnings per share of $0.83 on revenue of $759.9M. Analysts polled by anticipated EPS of $0.7441 on revenue of $732.27M.

The company expects to use approximately 50% of free cash flow to repurchase its shares in 2021.

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