Shares of Ansys Inc. (ANSS), a leading provider of engineering simulation software, surged nearly 7% on Thursday, November 7th, after the company reported impressive third-quarter financial results that exceeded analysts' expectations. The strong performance was driven by robust demand across industries and effective cost management, reflecting the company's ability to capitalize on the growing need for simulation solutions.
For the quarter ended September 30, 2024, Ansys reported revenue of $601.9 million, a remarkable 31% increase from the prior-year period and surpassing the consensus estimate of $522.7 million. The company's adjusted earnings per share (EPS) soared 83% year-over-year to $2.58, significantly outpacing the analysts' projection of $1.78.
Notably, Ansys' annual contract value (ACV), a key metric that measures long-term revenue potential, grew by 18.1% year-over-year, aligning with the company's strategic goals for growth. This strong performance was underpinned by effective cost management initiatives, which resulted in an operating profit margin of 26.8%, a substantial improvement from 15.2% in the prior-year quarter.
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