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Mentor Graphics Reports Fiscal Q4 Results
March 25, 2016 | Mentor GraphicsEstimated reading time: 2 minutes
Mentor Graphics Corporation has announced financial results for the company’s fiscal fourth quarter ended January 31, 2016. The company reported revenues of $337.3 million, non-GAAP earnings per share of $0.63, and GAAP earnings per share of $0.51. For the full fiscal year, revenues were $1.181 billion, non-GAAP earnings per share were $1.55 and GAAP earnings per share were $0.81.
“Mentor achieved revised fourth quarter and full year revenue guidance and exceeded earnings per share guidance,” said Walden C. Rhines, chairman and CEO of Mentor Graphics. “Fiscal 2016 was our most challenging year since the financial crisis of 2009. Although the semiconductor industry is going through a period of weakness that impacts the EDA industry, Mentor is benefiting from its leading position in design of electronics for the automotive and aerospace industries. Bookings in the automotive part of Mentor’s business grew 20% in the fourth quarter, continuing the 20% compound growth rate of the past five years.”
During the quarter the company announced the embedded industry’s first end-to-end internet of things (IoT) solution that includes customizable gateway hardware and software, cloud services, and edge devices. Mentor’s Veloce® Power application, introduced earlier in the year, was named by EDN Magazine one of the year’s “100 Hot Products.” The company also introduced new versions of three products: the market-leading FloTHERM® and general-purpose FloEFD™ software for computational fluid dynamics, and the Valor® Process Preparation software for electronics manufacturing.
The company made several announcements in the transportation space. A trio of new Capital Systems™ tools enable cost and weight optimization in the automotive and aerospace markets. The Mentor Automotive A2B Analyzer is the industry’s first third-party development platform supporting the Analog Devices, Inc. Automotive Audio Bus A2B technology. The combination reduces development time, cost and complexity of in-vehicle audio networks. In other automotive news, electrical systems for all new General Motors vehicle platforms are now being designed using Capital® tools, with design data for existing vehicle platforms also being converted to Capital software.
“Through rigorous attention to expenses we reduced fourth quarter operating costs by $20 million and exceeded non-GAAP earnings per share by $0.16 compared to guidance,” said Gregory K. Hinckley, president of Mentor Graphics. “Full-year non-GAAP operating margins exceeded 20% and cash flow from operations increased 65% to a record of nearly $230 million. Since reporting third quarter results Mentor has repurchased over 12 million shares and reduced our shares outstanding by approximately 10%.”
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