05:19 PM EDT, 10/30/2024 (MT Newswires) -- Altair Engineering ( ALTR ) reported Q3 non-GAAP earnings late Wednesday of $0.24 per diluted share, up from $0.15 a year earlier.

Analysts polled by Capital IQ expected $0.16.

Revenue for the quarter ended Sept. 30 rose to $151.5 million from $134 million a year earlier.

Analysts surveyed by Capital IQ expected $146.6 million.

Separately, Altair said it has agreed to be acquired by Siemens for $113 per share in cash, representing an equity value of about $10.6 billion.

The deal consideration represents a 19% premium to Altair's Oct. 21 closing stock price, the last trading day before media speculation about a potential deal, it said.

The deal is expected to close in H2 2025, following which Altair will no longer be listed on any public stock exchange.

The company said it's suspending its guidance in light of the proposed deal with Siemens.

Shares of Altair fell 3.8% in after-hours activity.

Price: 104.49, Change: -4.14, Percent Change: -3.81