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Altair Engineering: Q1 Earnings Snapshot

May 5, 2022 GMT

TROY, Mich. (AP) _ Altair Engineering Inc. (ALTR) on Thursday reported first-quarter profit of $11.5 million.

The Troy, Michigan-based company said it had net income of 13 cents per share. Earnings, adjusted for one-time gains and costs, came to 38 cents per share.

The company posted revenue of $159.8 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $153.5 million.

For the current quarter ending in July, Altair Engineering said it expects revenue in the range of $128 million to $131 million. Analysts surveyed by Zacks had expected revenue of $129.3 million.

The company expects full-year revenue in the range of $568 million to $582 million.

Altair Engineering shares have dropped 30% since the beginning of the year, while the S&P’s 500 index has declined 13%. In the final minutes of trading on Thursday, shares hit $53.74, a decrease of 17% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALTR at https://www.zacks.com/ap/ALTR