Exa® Corporation (Nasdaq:EXA), a global innovator of fluids simulation solutions for product engineering, today announced financial results for the second quarter of fiscal 2014, which ended July 31, 2013.
"The return to customer spending that we started to see at the beginning of the year continued in the second quarter," said Stephen Remondi, President and Chief Executive Officer of Exa. "This was most apparent in second quarter project revenue, which increased 23% from a year ago. We continue to see strong momentum from customers in the passenger car market, though this is being more than offset by continued delays at customers in the truck and off-highway markets who are impacted by softer macro trends. We believe the investments that we are making in our long-term growth are having a positive impact on our business, but with a mixed customer environment we are tempering our growth expectations over the near-term. As such we are moderating our full year revenue expectations, though we continue to anticipate double-digit revenue growth for the full year fiscal 2014, as compared to fiscal 2013."