PTC raises annual forecast on resilient software demand
PTC•PTC raises annual forecast after third-quarter results
July 29 (Reuters) - Software firm PTC Inc PTC.O on Wednesday lifted its annual revenue forecast after third-quarter results, betting on strong demand for its core industrial software and artificial intelligence-powered tools.
- PTC, whose products help firms in design, part management, maintenance, automation and other services, has benefited with more companies gravitating towards AI-driven technology.
- It now expects annual revenue of $2.69 billion to $2.75 billion, the mid-point of which is above its earlier forecast of $2.58 billion to $2.82 billion.
- For the fourth quarter, revenue is projected in the range of $630 million and $690 million, the midpoint of which is ahead of analysts' expectation of $649.5 million, according to data compiled by LSEG.
- PTC's "digital thread" framework links product data across the entire cycle, tracking information from early design concepts to real-world operations and ongoing maintenance.
- The company posted revenue of $600 million for the quarter ended June 30, just shy of analysts' estimate of $608.1 million.
- Adjusted earnings came in at $1.58 per share, slightly ahead of estimates of $1.57 per share.
