Mentor Graphics Corp. on Tuesday said that strong demand for its products and controlling costs helped lift profit 14 percent in its fiscal fourth quarter.

The company, which makes software and other products for engineers of chips and other products, also issued an upbeat guidance for its fiscal year.

Mentor Graphics, which is based in Wilsonville, Ore., said that it earned $57.8 million, or 52 cents per share, for the quarter that ended Jan. 31. That's up from $50.6 million, or 45 cents per share, in the same three months the year before.

Excluding the cost of recent acquisitions and laying off employees, among other items, Mentor Graphics said it earned 58 cents per share in the most recent quarter. Analysts polled by FactSet had expected the company to earn 50 cents per share.

Revenue rose 4 percent to $320.4 million for the period.

The cost of making its products was almost unchanged, while Mentor Graphics' operating costs, including research and marketing, rose 2 percent.

The company said it has expanded its product line and increased its bookings. Mentor Graphics said it acquired Flowmaster, a simulation software maker, in December.

For the entire fiscal year, Mentor Graphics said it earned $83.9 million, or 74 cents per share. That's up from $28.6 million, or 26 cents per share, in the prior year. Annual revenue increased to $1.01 billion from $914.8 million.

The company said it expects to earn 25 cents per share, when excluding one-time items, on revenue of $255 million in the quarter ending in April.

For the full year, the company expects an adjusted profit of $1.32 per share on revenue of $1.1 billion. Analysts are predicting earnings of $1.23 per share on revenue of $1.06 billion.

Mentor Graphics also said Tuesday that it could buy back as much as $200 million of its shares, from its prior stock buyback program of $150 million.

Shares of the company rose 15 cents, or 1 percent, to $15.16 in midday trading.