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Autodesk first quarter beats expectations

Eric Gneckow, Business Journal Staff Reporter
Thursday, May 17, 2012, 3:03 pm
Categories: Industry News, Marin Report, North Bay News, Technology, Top News Stories | No Comments

SAN RAFAEL — Software maker Autodesk Inc. (NASDAQ: ADSK) today reported first-quarter revenues rose 11 percent from a year before and net income jumped nearly 14 percent.

Revenue in the first fiscal quarter, ended April 30, increased to $588.6 million, and net income increased to to $78.9 million. Quarterly earnings per diluted share rose 17 percent to 34 cents. Operating margin for the quarter edged up to 16 percent from 15 percent a year before.

The double-digit annual revenue growth was fueled by returning economic strength in the Americas — up 14 percent — and Asia — up 19 percent, according to Autodesk President and Chief Executive Officer Carl Bass.

Autdesk is gradually moving from selling its flagship products to selling suites of products, a strategy that’s paying off in higher sales figures, he said.

“Our customers are embracing the substantially greater functionality and value that our design and creation suites deliver,” Mr. Bass said.

The company also is reducing channel inventory by migrating users to electronic software delivery, or the cloud.

Pro forma diluted earnings, which exclude amortization of certain intangible assets and other provisions used under GAAP, were 47 cents per share, compared with 40 cents a year before.

Cash flow from operations increased 8.5 percent to $139 million.

Revenue from new licenses increased 11.8 percent to $361 million in the first quarter. Revenue from maintenance of existing licenses increased 10.9 percent to $227.6 million.

Net revenue for fiscal 2013 is projected to increase at least 10 percent from the prior year. Second-quarter earnings are forecast to be $580 million to $600 million.

Autodesk, which makes engineering, construction, entertainment and 3-D design software, employs about 7,800 worldwide and 1,200 in San Rafael.

The company beat stock analyst expectations of first-quarter results, but the stock price fell by $1.16 a share, or more than 3 percent, to $34.73 on Thursday. The stock price was down 5 percent in after-hours trading.

But Thursday was a down day for equities. Technology sector stock value slid 1.61 percent, and the Nasdaq index fell 2.10 percent.


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