TROY, Mich. (AP) — TROY, Mich. (AP) — Altair Engineering Inc. (ALTR) on Wednesday reported third-quarter net income of $1.8 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Troy, Michigan-based company said it had profit of 2 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 24 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
The company posted revenue of $151.5 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $146.6 million.
Altair Engineering shares have increased 29% since the beginning of the year, while the S&P’s 500 index has risen 22%. In the final minutes of trading on Wednesday, shares hit $108.63, a climb of 81% 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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