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Mentor Graphics (MENT) Raises Earnings View, Posts 1Q Profit As Margins Improve

 May 25, 2012 08:18 AM

(By Balachander) Mentor Graphics Corp. (NASDAQ:MENT) raised its 2013 forecast after the supplier of electronic design automation software delivered stronger than forecast quarterly earnings. Yet, revenue missed Wall Street view.

On a non-GAAP basis, earnings per share (EPS) jumped 50 percent to 30 cents from 20 cents, topping consensus estimate of 25 cents. GAAP EPS was 25 cents versus a loss of 2 cents in the first quarter of last year.

Revenue rose 7.8 percent to $247.9 billion, versus market expectations of a 10.8 percent growth to $254.9 million.

Non-GAAP gross margin improved to 82.7 percent from 82.2 percent. The company noted it achieved an operating margin in the first quarter that is already near its fiscal year target of 18 percent non-GAAP.

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Looking ahead for the second quarter, MENT guided non-GAAP EPS of 17 cents on revenue of around $240 million, in line with Wall Street projections.

For the full year 2013, the Wilsonville, Oregon-based company lifted its non-GAAP EPS forecast by 5 cents to $1.37. It continues to forecast revenue of around $1.1 billion. Analysts expect EPS of $1.33 on revenue of $1.1 billion.

MENT ended Thursday's regular trading at $15.21. The stock has been trading in the 52-week range between $8.50 and $15.76.

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