Altair Engineering (ALTR) Reports In-Line Q2 EPS

Altair Engineering (NASDAQ: ALTR) reported Q2 EPS of ($0.02), in-line with the analyst estimate of ($0.02). Revenue for the quarter came in at $98.6 million versus the consensus estimate of $94.12 million.

“We are very pleased with our second quarter performance, which exceeded our expectations. I am proud to lead an organization which has remained so dedicated and intensely focused on developing great software and helping customers succeed despite the personal hardships brought on by COVID-19,” said James Scapa, Founder, Chairman and Chief Executive Officer of Altair.

“Our software product revenue increased to 83% of total revenue, which drove a 400 basis point year over year improvement in gross margins, while our recurring license rate rose to an all-time high of 93%,” said Howard Morof, Chief Financial Officer of Altair. “Moreover, the proactive steps we took to control costs in light of COVID-19 had an immediate positive impact on our operating expenses. Our ongoing digital transformation efforts continue, and as we implement robust processes, we believe the positive impact of these significant investments will drive measurable benefits for the business and support our long-term goals.”

GUIDANCE:

Altair Engineering sees Q3 2020 revenue of $96-100 million, versus the consensus of $97.2 million.

Altair Engineering sees FY2020 revenue of $443-455 million, versus the consensus of $451.4 million.

For earnings history and earnings-related data on Altair Engineering (ALTR) click here.

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