Autodesk Earnings: Beats Wall Street Expectations

S&P 500 (NYSE:SPY) component Autodesk Inc. (NASDAQ:ADSK) reported net income above Wall Street’s expectations for the first quarter. Autodesk is a design software and services company, offering progressive business solutions to customers in the architecture, engineering and construction, manufacturing, and digital media and entertainment industries.

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Autodesk Earnings Cheat Sheet for the First Quarter

Results: Net income for Autodesk Inc. rose to $78.9 million (34 cents per share) vs. $69.3 million (29 cents per share) in the same quarter a year earlier. This marks a rise of 13.9% from the year-earlier quarter.

Revenue: Rose 11.5% to $589 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Autodesk Inc. reported adjusted net income of 47 cents per share. By that measure, the company beat the mean estimate of 39 cents per share. Analysts were expecting revenue of $586.2 million.

Quoting Management: “We had a solid start to the year as our overall business continued to deliver double-digit year-over-year revenue growth,” said Carl Bass, Autodesk president and CEO. “We were pleased with the performance of suites as customers are embracing the substantially greater functionality and value that our design and creation suites deliver.”

Key Stats:

The company has seen double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 13.1%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 15.5% from the year earlier quarter.

The company has now seen its net income increase for three consecutive quarters. In the fourth quarter of the last fiscal year, net income rose 16.9% and in the third quarter of the last fiscal year, the figure rose 35.8%.

The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 36 cents versus a mean estimate of net income of 38 cents per share.

Margins rose in the fourth quarter of the last fiscal year after falling the quarter before. Gross margins grew to 90%, up 0.4 percentage point from the year-earlier quarter. In the third quarter of the last fiscal year, the figure rose 0.5 percentage point to 90.3% from the year earlier quarter.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 43 cents a share to 42 cents over the last sixty days. For the fiscal year, the average estimate has moved down from $1.71 a share to $1.68 over the last ninety days.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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