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Autodesk 2Q Profit Surges On Higher Revenue, Year-Ago Charges

DOW JONES NEWSWIRES Autodesk Inc.'s (ADSK) fiscal second-quarter profit surged following year-earlier restructuring charges as revenue jumped and the design-software company's results easily topped expectations. Shares rose 5% to $28.83 in after-hours trading. "Although the pace of the global recovery is varied by country, we are pleased that we achieved revenue growth in all of our major geographies," said President and Chief Executive Carl Bass. While sales slumped amid global economic weakness, the maker of the popular AutoCAD design software used by engineers and architects has stayed profitable by cutting costs. Thursday, Autodesk reported its second consecutive year-to-year increase in sales after five straight declines. For the quarter ended July 31, Autodesk posted a profit of $59.9 million, or 25 cents a share, up from $10.5 million, or 5 cents a share, a year earlier. Excluding restructuring charges, stock-based compensation and other items, earnings rose to 36 cents from 24 cents as revenue climbed 14% to $472.8 million. In June, the company raised the low end of its guidance, saying it was pleased with global demand levels. It projected earnings of 25 cents to 28 cents on revenue of $445 million to $460 million. Earlier this month, investment banking firm Jefferies downgraded its stock rating on Autodesk, citing concerns about some deteriorating demand in Europe, the Middle East and Africa, although it believed the North American market remained strong. Revenue in those regions were up 20% and 6%, respectively. Looking ahead, Autodesk sees third-quarter earnings of 28 cents to 33 cents a share on revenue of $450 million to $475 million. Analysts surveyed by Thomson Reuters expected 30 cents and $464 million, respectively. Besides AutoCAD, Autodesk's products include geographic-information-systems packages for mapping and precision drawing software for drafting. The company also develops multimedia tools for digital content creation, including applications for animation, film editing and creating special effects. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for Autodesk (ADSK)
DateTimeHeadline
05/03/201512:01:13This Technology Could Revolutionize How Electronics Are Made
05/02/201514:14:02Carbon3D CEO Interview: "Materials Are Key" to Breakthrough CLIP...
05/01/201518:48:52Autodesk Upgraded to "Outperform" by Pacific Crest (ADSK)
05/01/201516:21:40Additional Proxy Soliciting Materials (definitive) (defa14a)
05/01/201508:30:00Autodesk Extends Invitation to Join Financial Results Conference...
04/30/201514:00:00Autodesk Accelerates the Future of Digital and Physical 3D Creation...
04/30/201507:46:06Autodesk Receives Mixed Rating from OTR Global (ADSK)
04/29/201506:05:16Additional Proxy Soliciting Materials (definitive) (defa14a)
04/29/201506:05:16Proxy Statement (definitive) (def 14a)
04/26/201509:32:02Carbon3D's CEO Discusses Its Breakthrough CLIP 3D Printing Tech?
04/21/201517:03:05Companies Trade Suburbs for City Life
04/20/201508:00:00Autodesk and Mattel Team Up to Bring New Digital and 3D Printing...
04/13/201512:30:57Watch Out, 3D Systems and Stratasys -- Carbon3D's Super-Speedy...
04/13/201509:00:00Autodesk 2016 Design & Creation Suites Now Available
04/09/201508:00:00Autodesk Backs Carbon3D With $10 Million From Spark Investment...
04/03/201516:09:34Statement of Changes in Beneficial Ownership (4)
04/02/201516:09:24Statement of Changes in Beneficial Ownership (4)
03/27/201517:24:20Statement of Changes in Beneficial Ownership (4)
03/27/201517:22:46Statement of Changes in Beneficial Ownership (4)
03/24/201517:17:53Statement of Changes in Beneficial Ownership (4)

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