Ansys beats profit expectations on strong demand for engineering software
06/11/2024 22:23
Nov 6 (Reuters) - Ansys ANSS.O beat Wall Street
expectations for third-quarter revenue and profit on Wednesday,
helped by growing demand for its AI-powered tools and
engineering software solutions.
Shares of the company, which is being bought by larger rival
Synopsys SNPS.O , rose nearly 2% in after-market trading.
Ansys has benefited from rising demand for its simulation
and analysis solutions that help in evaluating products
virtually before launching them in the market. The company's
software is used in creating products ranging from airplanes to
tennis rackets for players such as Novak Djokovic.
The company reported revenue of $601.9 million for the
quarter ended Sept. 30, compared with expectations of $517.3
million, according to analysts' estimates compiled by LSEG.
Excluding items, it earned $2.58 per share, compared with
estimates of $1.72 per share.
In January, Synopsys, the largest maker of software used to
design chips, said it would buy Ansys in a $35-billion
cash-and-stock deal. The transaction is expected to complete in
the first half of 2025.
Ansys reiterated on Wednesday that it expects the deal to
close in the first half of 2025.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Anil
D'Silva)
((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass;))