Autodesk Profit Tops Estimates as Sales Jump 11%
By Ryan Flinn
(Bloomberg) — Autodesk Inc., the biggest maker of engineering-design software, reported first-quarter profit that exceeded analysts' estimates as sales increased for the first time in five quarters on growth in Asia.
Net income was $36.9 million, or 16 cents a share, in the three months that ended April 30, the San Rafael, California-based company said today in a statement. Excluding some costs, profit was 29 cents, beating the 23-cent average of estimates compiled by Bloomberg.
"Our strong first-quarter results reflect the continued improvement in the demand environment for our products and robust revenue growth" internationally, Chief Executive Officer Carl Bass said in the statement.
Autodesk is best known for its AutoCAD drafting program used by engineers, architects and movie producers to make 2-D and 3-D models of skyscrapers, city streets and virtual worlds. The company's software helped design the new eastern span of the San Francisco-Oakland Bay Bridge and create the effects in "Avatar."
Revenue climbed 11 percent to $474.6 million, following five straight quarters of year-over-year declines. Analysts estimated sales of $438.5 million on average. Asia Pacific sales jumped 21 percent in the quarter, with a 16 percent increase in emerging economies and a 1 percent drop the Americas, the company said.
The company posted a loss of $32.1 million, or 14 cents a share, in the first quarter a year ago.
Autodesk rose 20 cents to $30.35 in Nasdaq Stock Market trading before the statement was released. They have advanced 19 percent this year.
To contact the reporter on this story: Ryan Flinn in San Francisco at firstname.lastname@example.org.