Altair Engineering: Q2 Earnings Snapshot
TROY, Mich. (AP) _ Altair Engineering Inc. (ALTR) on Thursday reported a loss of $33.8 million in its second quarter.
The Troy, Michigan-based company said it had a loss of 43 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 13 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.
The company posted revenue of $132.7 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $129.6 million.
For the current quarter ending in October, Altair Engineering said it expects revenue in the range of $115 million to $120 million. Analysts surveyed by Zacks had expected revenue of $131.8 million.
The company expects full-year revenue in the range of $555 million to $566 million.
Altair Engineering shares have dropped 21% since the beginning of the year, while the S&P’s 500 index has fallen 13%. In the final minutes of trading on Thursday, shares hit $60.88, a decrease of 12% in the last 12 months.