Boston-based technology firm PTC Inc announced Wednesday it has increased its annual revenue projections, driven by strong ongoing demand from manufacturing companies adopting its digital design and production software solutions.
The company’s stock price climbed almost 4% during after-hours trading following the announcement.
Manufacturing and industrial companies have increasingly turned to PTC’s digital transformation solutions as they seek to boost operational efficiency, cut expenses, and accelerate product development timelines.
“Customer interest in AI is growing, and our discussions reinforce how AI is driving momentum in PTC’s business,” CEO Neil Barua said in a statement.
The software company specializes in helping businesses design, manufacture, operate and maintain physical products through what it calls a “digital thread” approach, which creates continuous information flow from initial product concepts through real-world operation and servicing.
PTC has revised its annual revenue expectations upward to a range of $2.58 billion to $2.82 billion, compared to its previous projection of $2.54 billion to $2.81 billion.
For the upcoming third quarter, the company anticipates revenue between $580 million and $640 million, while Wall Street analysts had forecast $623.2 million.
During the second quarter that concluded March 31, PTC reported $774 million in revenue, surpassing analyst predictions of $715.4 million.
The company also delivered adjusted earnings of $2.69 per share, exceeding analyst expectations of $2.11.
