By Sabela Ojea
Cadence Design Systems logged higher sales in the fourth quarter and guided for growth in 2025 on a boost from the buildout of its AI infrastructure.
Cadence, which makes electronic systems and software, on Tuesday posted a net profit of $340.2 million, or $1.24 a share, compared with $323.9 million, or $1.19 a share, for the same period a year earlier.
Stripping out one-time items, the company's earnings came in at $1.88 per share. Analysts polled by FactSet had forecast adjusted earnings of $1.82 per share.
Revenue rose to $1.36 billion from $1.07 billion for the same period a year earlier, beating the $1.35 billion forecast by Wall Street, according to FactSet.
Chief Executive Anirudh Devgan said the company ended 2024 with record bookings.
"Cadence is very well positioned to benefit from the various phases of AI, including the current AI infrastructure buildout, applying AI to our own products, and expanding into new markets such as life sciences," Devgan added.
For 2025, the company expects full-year earnings of $4.19 to $4.29, adjusted earnings of $6.65 to $6.75, and revenue of $5.14 billion to $5.22 billion. Wall Street expects earnings of $4.74, adjusted earnings of $6.80, and sales of $5.23 billion.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 18, 2025 16:32 ET (21:32 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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