Aspen Technology (NASDAQ:AZPN) reported second-quarter fiscal 2020 non-GAAP earnings of 79 cents per share that missed the Zacks Consensus Estimate by 16.5% and declined 28.3% on a year-over-year basis.
Revenues of $124.7 million missed the Zacks Consensus Estimate by 7.6% and declined 11.2% from the year-ago quarter. The decline can be attributed to lower year-over-year bookings.
Share price was down almost 6%, following a trimmed fiscal 2020 earnings guidance. Non-GAAP earnings are now projected in the range of $3.43-$3.84 per share compared with the prior guided range of $3.47-$3.89.
The mid-point of the trimmed guided range — $3.64 — is below the current Zacks Consensus Estimate of $3.80 per share.
Notably, total bookings for the reported quarter came in at $112.3 million, down 27% year over year, due to decrease in the amount of term license contract renewals compared with the year-ago period.
Nonetheless, ongoing momentum in Asset Performance Management (APM) and Manufacturing & Supply Chain (MSC) suite and strength in Engineering suite benefited the company in the second quarter.
Aspen Technology, Inc. Price, Consensus and EPS Surprise
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