Marin County’s Autodesk reports Q3 earnings up 3%, foresees economic pressure on ‘robust’ demand for its software

Autodesk Inc. (Nasdaq: ADSK) on Tuesday reported fiscal third-quarter net income of $136.7 million, up 3.4% from $132.2 million a year before.

The San Rafael-based design and media software company said it had net income of 61 cents per share for the quarter ended Oct. 31. Earnings, adjusted for one-time gains and costs, were $1.33 per share.

"Our customers continue to embrace and prioritize digital transformation to drive growth, efficiency and sustainability, generating strong demand for Autodesk's platform," said Andrew Anagnost, Autodesk president and CEO, in the announcement of quarterly results after the close of regular trading. "We are rapidly innovating and optimizing our business to enable more customers to experience our ecosystem, and realize the opportunities ahead."

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.

Autodesk posted revenue of $1.13 billion in the period, up 18.2% from $884 million a year before, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $1.12 billion.

For the current quarter ending in January, Autodesk expects its per-share earnings to range from $1.41 to $1.47. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.47.

The company said it expects revenue in the range of $1.19 billion to $1.2 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $1.2 billion.

"Demand was robust in Q3, driving strong new subscriptions growth and renewal rates. We expect it to remain so in Q4," stated Debbie Clifford, Autodesk CFO. "However, supply chain disruption and resulting inflationary pressures, a global labor shortage, and the ebb and flow of COVID, are impacting the pace of our recovery and outlook."

Autodesk expects full-year earnings in the range of $4.98 to $5.04 per share, with revenue ranging from $4.36 billion to $4.38 billion.

Autodesk shares have decreased slightly since the beginning of the year, while the S&P's 500 index has increased 25%. In the final minutes of trading on Tuesday, shares hit $304.66, a rise of 18% in the last 12 months.

North Bay Business Journal contributed to this report.

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