Shares of PTC (PTC 0.98%), a software and services company, jumped today after it reported better-than-expected second-quarter results. PTC beat analysts' consensus estimates for both revenue and earnings.
The tech stock was up by 17.4% as of 2:39 p.m. ET.
PTC reported sales of $505.2 million, up 9% from the year-ago quarter, which blew past Wall Street's expectation of $484.1 million for the quarter.
The company's non-GAAP earnings per share of $1.39 also outpaced analysts' consensus estimate of $1.14 for the quarter.
"The strength in the second quarter was broad-based across all segments and geographic regions," CEO James Heppelmann said in a press release.
Other highlights from the quarter include the company's cash from operations increasing 17% year over year to $142 million and annual recurring revenue (ARR) rising 11% to $1.5 billion.
Based on the company's strong second-quarter results, management raised its guidance for ARR, free cash flow, and revenue for the full year.
The company now expects sales in the range of $1.90 billion to $1.97 billion, up from the previous range of $1.87 billion to $1.97 billion. Management said adjusted free cash flow for the year will be about $455 million -- up from the previous estimate of $450 million.
Additionally, the company now expects ARR to be in the range of $1.64 billion to $1.66 billion, up from management's previous guidance of $1.62 billion to $1.66 billion.
With the company's strong second-quarter results and management raising its guidance for the full year, it's not surprising PTC investors are pushing up the company's share price today.