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Autodesk Results Top Estimates

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Design software maker Autodesk, Inc. (ADSK) said Thursday after the markets closed that its first quarter profit fell 49% from last year, as higher costs and expenses more than offset a 4% increase in revenue.

However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.

At the same time, the company forecasts second quarter revenue above analysts' current consensus estimates and raised its full year revenue forecast.

"We are pleased with the first quarter results," said Mark Hawkins, Autodesk executive vice president and CFO. "Our better than expected results, coupled with our optimistic view of the current macroeconomic environment, led us to raise our business outlook for billings and revenue for fiscal year 2015."

Autodesk shares are currently gaining 3.95% in after hours trading after closing the day's regular trading session at $47.82, down 25 cents. The shares trade in a 52-week range of $33.01 to $58.68.

For the first quarter ended April 30, 2014, the San Rafael, California-based company reported net income of $28.3 million or $0.12 per share, compared to $55.6 million or $0.24 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $73.8 million or $0.32 per share, compared to $96.3 million or $0.42 per share in the prior year quarter.

On average, 18 analysts polled by Thomson Reuters expected the company to earn $0.21 per share for the first quarter. Analysts' estimates typically exclude special items.

Operating margin for the quarter narrowed to 7% from 14% a year earlier, while adjusted operating margin shrank to 17% from 24% last year.

Revenue for the first quarter rose 4% to $592.5 million from $570.4 million in the same quarter last year. Sixteen analysts had a consensus revenue estimate of $568.58 million for the first quarter.

Revenue from Flagship products fell 4% from last year to $299 million, while revenue from Suites increased 19% to $210 million in the first quarter. Total billings for the quarter increased 10% year-over-year.

The company's deferred revenue at the end of the first quarter was $984 million, an increase of 13% from a year earlier.

Looking forward to the second quarter, the company forecast revenue of $595 million to $610 million, earnings of $0.05 to $0.10 per share and adjusted earnings of $0.25 to $0.30 per share. Analysts currently expect the company to earn $0.28 per share on revenue of $576.32 million for the second quarter.

For the full year fiscal 2015, the company now forecasts revenue growth of 4% to 6%, up from its prior forecast of 3% to 5% growth and better than analysts' current forecast of 3.70% growth.

by RTT Staff Writer

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