Autodesk Earnings Cheat Sheet: Double-Digit Profit and Revenue Growth
S&P 500 (NYSE:SPY) component Autodesk, Inc. (NASDAQ:ADSK) reported net income above Wall Street’s expectations for the first quarter. Autodesk, Inc. 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.
Autodesk Earnings Cheat Sheet for the First Quarter
Results: Net income for Autodesk, Inc. rose to $69.3 million (28 cents/share) vs. $36.9 million (16 cents/share) in the same quarter a year earlier. A rise of 87.8% from the year earlier quarter.
Revenue: Rose 11.3% to $528.3 million YoY.
Actual vs. Wall St. Expectations: ADSK reported adjusted net income of of 40 cents/share. By that measure, the company beat the mean estimate of 37 cents/share. Estimates ranged from 35 cents per share to 40 cents per share. Analysts were expecting revenue of $522.8 million.
Quoting Management: “Strong demand for manufacturing, horizontal design products, suites, and animation products, led to solid growth in the quarter,” said Carl Bass, Autodesk president and CEO. “We launched our 2012 product line this quarter, including the new family of design and creation suites, and are pleased with the initial feedback we’re hearing from our partners and customers. The first quarter was a solid start to our fiscal 2012 and we look to build on our momentum through the year.”
Key Stats: The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 13.4%, with the biggest boost coming in the fourth quarter of the last fiscal year when revenue rose 15.7% from the year earlier quarter.
Last quarter marked the fifth consecutive quarter of gross margins expanding as the company’s gross margin expanded 0.5 percentage point to 89.7% from the year earlier quarter. Over that span, margins have grown on average one percentage point per quarter on a year-over-year basis.
The company has now fallen in line with estimates for the past two quarters. It reported net income of 27 cents in fourth quarter of the last fiscal year and net income of 25 cents in the third quarter of the last fiscal year.
Companies to Watch: Parametric Technology (NASDAQ:PMTC), ANSYS, Inc. (NASDAQ:ANSS), Adobe Systems Incorporated (NASDAQ:ADBE), Ford (NYSE:F), Toyota (NYSE:TM), General Motors (NYSE:GM), Cimatron Ltd. (NASDAQ:CIMT), Synopsys, Inc. (NASDAQ:SNPS), Mentor Graphics Corp. (NASDAQ:MENT), Oracle Corporation (NASDAQ:ORCL), Google Inc. (NASDAQ:GOOG), and Microsoft Corporation (NASDAQ:MSFT).
Stock Performance: Shares of ADSK are up 0.3% from the previous close.