SAN FRANCISCO—EDA vendor Mentor Graphics reported quarterly sales and profit that beat analysts' expectations and said it achieved its best ever bookings for a fiscal second quarter.
Mentor (Wilsonville, Ore.) reported sales of $213.7 million for the quarter ended July 31, down 8 percent from the previous quarter but up 14 percent compared to the year-ago quarter. The company reported a net income in accordance with generally accepted accounting principles (GAAP) of $4.3 million, or 4 cents per share, up 79 percent compared to a GAAP net income of $2.4 million in the previous quarter and compared to a GAAP net loss in the year-ago quarter.
On a non-GAAP basis, excluding charges, Mentor reported a net income of 11 cents per share, down from 20 cents per share in the previous quarter.
Mentor's results were above consensus analysts expectations, which called for sales of $209 million and non-GAAP earnings per share of 5 cents, according to Yahoo Finance.
"Second quarter bookings were a record by a significant margin, up 25 percent from the previous record for a second quarter. Earnings per share were well ahead of guidance, further increasing our confidence in our outlook for the year," said Walden Rhines, Mentor's chairman and CEO, in a statement.
Rhines said Mentor's Systems business was a key driver of strength in the second quarter, and that bookings from traditional PCB design software was up nearly one third. Bookings for new and emerging products, led by Mentor's Capital electrical systems design software, nearly tripled, Rhines said.
For the third quarter, Mentor said it expects sales of about $245 million and GAAP earnings of about 18 cents per share.