Nov 5, 2014 2 min read

CANONSBURG – Ansys Inc., the Southpointe-based provider of engineering simulation software for industrial designers, Wednesday reported a 10 percent increase in revenue for the third quarter.

The company reported GAAP revenue of $234 million and non-GAAP revenue of $235.5 million, with GAAP earnings per share of 70 cents and non-GAAP earnings per share of 89 cents, both of which exceeded its expectations.

According to a news release, Ansys said GAAP net income for the third quarter was $65.5 million, a 5 percent increase from the $62.4 million earned in the comparable quarter last year.

Non-GAAP income was $83.7 million, up 6 percent from the $78.8 million earned a year ago.

The latest revenue results compared with $212.7 million in GAAP revenue and $213.4 in non-GAAP revenue, respectively, for the third quarter of 2013.

Ansys said recurring revenue, composed of lease license and annual maintenance revenue, totaled 72 percent of non-GAAP revenue for the third quarter.

The company said year-to-date GAAP and non-GAAP revenue increased 9 percent in reported and constant currency.

GAAP and non-GAAP net income increased 9 percent and 8 percent, respectively, compared with the first nine months of 2013.

Ansys Chief Executive Officer Jim Cashman said the strong financial performance “reflects double-digit revenue growth in both North America and Asia-Pacific, driven by strength in our electronics, semiconductor and aerospace verticals.

“Our European business was mixed, with regional weakness in our Germany business, offset by improved growth in France, the U.K., Italy and Spain.”

He said cash flows from operations increased by 25 percent over the third quarter of 2013 while operating margins strengthened to 50.4 percent.

During the third quarter, Ansys continued to return capital to its stockholders through the repurchase of more than 460,000 shares.