TROY, Mich. (AP) — TROY, Mich. (AP) — Altair Engineering Inc. (ALTR) on Thursday reported fourth-quarter net income of $996,000.
On a per-share basis, the Troy, Michigan-based company said it had net income of 1 cent. Earnings, adjusted for one-time gains and costs, came to 52 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The company posted revenue of $192.6 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $177.7 million.
For the year, the company reported net income of $14.2 million, or 16 cents per share, swinging to a profit in the period. Revenue was reported as $665.8 million.
Altair Engineering shares have climbed slightly more than 2% since the beginning of the year, while the S&P’s 500 index has risen 4%. In the final minutes of trading on Thursday, shares hit $111.78, an increase of 27% 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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