SAN RAFAEL -- Sales of design software in east Asia, for manufacturing and related to building information modeling of construction projects led second-quarter revenue growth for Autodesk Inc. (Nasdaq: ADSK), which today reported a 16 percent gain from a year ago.
Net revenue for the quarter ended July 31 was $546 million, up 16 percent from a year prior. Net receipts so far this fiscal year were $1.07 billion, an increase of more than 13 percent.
"We experienced strong demand across all geographies and business segments with growth led by our Asia Pacific region," said Carl Bass, Autodesk president and CEO. "Our manufacturing business segment had its largest revenue quarter ever and continues to be our fastest growing segment. Our AEC business segment returned to strong growth in the second quarter as the building and construction industries continue to standardize on Building Information Modeling. And our newly launched design and creation suites are off to a terrific start, helping drive our overall revenue growth."
Revenue in the Americas increased 13 percent to $191 million in the second quarter from a year before; Asia Pacific, 16 percent on a constant currency basis to $143 million; and emerging economies, 18 percent on $88 million. The company changed its constant currency reporting method in the second quarter to include currency hedging gains and losses.
Quarterly net income increased nearly 19 percent to $71.2 million, or 30 cents a diluted share. For the first half of the fiscal year, net income surged about 45 percent to $140.5 million from a year before.
"We achieved better than expected profitability driven by solid revenue performance and continued cost controls," said Mark Hawkins, chief financial officer. "We also posted strong growth in maintenance billings, deferred revenue and cash flow from operations. Our balance sheet remains sound with cash and investments of approximately $1.6 billion, deferred revenue at a record high, and no debt."
Amid the broad selloff in securities Thursday, Autodesk's closing stock price was $26.51 a share, a loss of $2.34 from Wednesday, or more than 8 percent. The Nasdaq index slid more than 5 percent Thursday, and technology sector stocks were off an equal proportion.
At 4:45 p.m. in after-hours trading, Autodesk's stock price bounced back nearly $1 a share, or nearly 4 percent.