4Q17 Beats; Raising 2018 Estimate on a Lower Tax Rate
- 4Q17 (Dec) adjusted EPS were $1.07 (vs $0.98 last year), 4 cents above our forecast, as higher-than-anticipated revenue more than offset margins below what we modeled;
- For 2017, adjusted EPS rose 10% to a record $4.01 (vs 2016’s $3.63);
- Total deferred revenue/backlog was up 21% YoY to a record $770 million;
- Our 2018 EPS estimate is now $4.76 (from $4.26, which was not adjusted for new U.S. tax law), as strong organic growth and a lower tax rate help offset margin headwinds from growth-related investments;
- We are introducing our 2019 EPS estimate at $5.32, up 12% from our 2018 estimate;
- Cash totals $882 million, equal to $10.17 per share or 6% of the share price.
ANSYS develops and markets engineering simulation software and services used by engineers, designers, researchers and students across a spectrum of industries and academia, including aerospace and defense, automotive, electronics, semiconductors, energy, materials and chemical processing, turbomachinery, consumer products, healthcare, and sports. The company focuses on the development of solutions that enable users to analyze designs directly on the desktop, providing a platform for product development, from design concept to final-stage testing and validation. The company's product portfolio include ANSYS Workbench?, a framework upon which the company's suite of engineering simulation technologies is built.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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