Parametric Technology 2Q profit up on European license sales

Product design company Parametric Technology Corp. said Wednesday its second-quarter profit rose on strong European license revenue and the weak dollar.

Profit rose 8 percent to $18.8 million or 16 cents per share from $17.4 million or 15 cents per share in the 2007 second quarter.

Excluding one-time costs and gains, Needham, Mass.-based PTC made $35.7 million or 30 cents per share.

Sales rose 13 percent to $257.8 million from $228.1 million.

Analysts polled by Thomson Financial expected profit of 26 cents per share on sales of $255.2 million. Analysts typically exclude one-time costs and gains.

Chief Executive C. Richard Harrison said in a statement the CoCreate Software business, which PTC acquired in November, helped overcome weak North America license revenue. PTC also had strong global maintenance growth, license revenue growth in Europe and currency benefits from the weak dollar.

Its shares rose $1.32 or 9.2 percent to $16.09 in morning trading. They have traded in the last year between $13.68 and $21.81.