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Autodesk (ADSK) Drops After Q1 Forecast Lags Estimates

 February 25, 2013 04:24 PM

(By Balaseshan) Autodesk Inc. (NASDAQ:ADSK) reported a 3.5% rise in quarterly earnings due to lower provision for income taxes as well as higher revenue. However, the company guided first quarter below consensus, sending its shares down 4.10% in aftermarket.

Earnings for the fourth quarter were $74.5 million or $0.32 per share, up from $72.0 million or $0.31 per share last year. Adjusted earnings per share (EPS) rose to $0.53 from $0.46.

Revenue increased 2% to $607 million. Deferred revenue at the end of the fourth quarter was a record of $835 million, an increase of 16% from last year.

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Analysts, on average, polled by Thomson Reuters had expected a profit of $0.49 per share on revenue of $586.16 million for the fourth quarter.

EMEA revenue rose 2%, while revenue in the Americas declined 2%. Revenue in Asia Pacific grew 11%, while revenue from emerging economies decreased 11%.

Revenue from the Platform Solutions and Emerging Business segment declined 7%, while revenue from the AEC business segment grew 18%. Revenue from the Manufacturing business segment increased 5%, while revenue from the Media and Entertainment business segment fell 16%.

Looking ahead into the first quarter, the company expects adjusted EPS of $0.41 to $0.46 and revenue of $570 million to $590 million, while Street predicts EPS of $0.51 on revenue of $590.61 million.

For the fiscal 2014, the company projects net revenue to increase by about 6% compared to fiscal 2013, while Street predicts 5.70% growth. Autodesk anticipates 2014 GAAP operating margin growth of about 455 to 480 basis points and non-GAAP operating margin to rise about 125 to 150 basis points from last year.

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ADSK closed Monday's regular session down 3.40% at $36.62. The stock has been trading between $27.70 and $42.69 for the past 52 weeks.

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