Autodesk Raises Guidance as Strong Demand for Software Continues

Dow Jones
Aug 28
 

Autodesk raised its outlook for the year after posting higher profit and revenue in the second-quarter, with double-digit revenue growth across all of its product families.

The maker of digital design software on Thursday reported net income of $492 million, or $2.33 a share, compared with $313 million, or $1.46 a share, in the same quarter a year ago.

Adjusted earnings were $3.30 a share. Analysts expected $3.12, according to FactSet.

Revenue rose 16% to $2.05 billion, ahead of the $2.01 billion expected by analysts. Billings rose 10% to $1.85 billion.

The growth was led by its products focusing on architecture, engineering, construction and operations, which rose 17%. Other product families also posted growth in the double-digit percent range.

For the full year, Autodesk now expects adjusted per-share earnings between $12.52 and $12.60 and revenue of $8.30 billion and $8.35 billion. That's up from its prior projection of adjusted per-share earnings between $12.40 and $12.65 and revenue between $8.16 billion and $8.22 billion.

For the current quarter, Autodesk forecast adjusted per-share earnings between $3.04 and $3.09 and revenue between $2.13 billion and $2.14 billion.

Analysts were looking for adjusted earnings of $3.14 a share from $2.08 billion in revenue.

Autodesk shares fell 5% in late trading to $257.01, giving up most of the gains during the regular trading session, where the stock rose 6.2%.

 
 

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