Parametric fiscal 1Q profit more than triples
Parametric Technology Corp., a product design company, on Tuesday reported its fiscal first-quarter profit more than tripled as sales rose and costs remained steady.
The company also raised its 2010 profit outlook, and the stock climbed in after-hours trading.
In the quarter ended Jan. 2, the company earned $17.9 million, or 15 cents per share, compared with $4.7 million, or 4 cents per share, in the same period a year earlier.
Excluding one-time costs for stock-based compensation, asset amortization and an income tax adjustment, the company's adjusted profit was 27 cents per share.
Analysts polled by Thomson Reuters predicted income of 17 cents per share.
Revenue rose 7 percent to $258.4 million from $240.4 million. Analysts expected revenue of $233.2 million.
The company also raised its 2010 profit prediction to $1 per share, higher than the 95 cents per share analysts expect.
It said its second-quarter profit would be between 14 cents and 20 cents per share, while analysts predict per-share profit of 20 cents.
Its shares rose $1.38, or 8.8 percent, to $17.11 in after-hours trading Tuesday after closing the regular session down 37 cents at $15.73. The stock has ranged from $7.18 to $17.26 over the past year.