TROY, Mich. (AP) — TROY, Mich. (AP) — Altair Engineering Inc. (ALTR) on Thursday reported first-quarter net income of $16.5 million, after reporting a loss in the same period a year earlier.
The Troy, Michigan-based company said it had profit of 20 cents per share. Earnings, adjusted for one-time gains and costs, came to 40 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The company posted revenue of $172.9 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $169.6 million.
Altair Engineering shares have fallen nearly 3% since the beginning of the year, while the S&P’s 500 index has risen 6%. In the final minutes of trading on Thursday, shares hit $81.75, an increase of 21% 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
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