TROY—The Troy-based engineering technology developer Altair Engineering Inc. (Nasdaq:ALTR) reported net income of $13 million or 17 cents a share, down from $24.7 million or 34 cents a share a year earlier.
Revenue was $127.9 million, up from $113.1 million in the first quarter of 2018.
The company’s financial report showed that profit fell despite the higher revenue due to stock-based compensation expense and higher research and development, general and administrative, and amortization expenses.
“Altair delivered an excellent first quarter, with financial results above guidance,” said James Scapa, founder, chairman and CEO. “We look forward to continued success throughout 2019 as we expand our footprint within our user base, industries and geographies. Our simulation-centric portfolio for design, data, cloud and AI is uniquely positioned for growth as these technologies converge.”
The company also reported a figure of $20.2 million for “non-GAAP net income,” which excludes stock-based compensation, amortization of intangible assets related to acquisitions, non-recurring adjustments, revenue not recognized under GAAP due to acquisition accounting, and certain tax adjustments. The comparable figure from the first quarter of 2018 was $25.7 million.
To listen to a conference call discussing these results, dial (855) 859-2056 in the United States or (404) 537-3406 elsewhere, using the conference ID 6894064, or visit http://investor.altair.com.
Altair provides software and cloud services in product design and development, high-performance computing, and data intelligence. More at www.altair.com.