Autodesk Raises Annual View
August 25 2016 - 5:20PM
Dow Jones News
Autodesk Inc. on Thursday raised financial projections for the
year as results for the most recent period beat projections.
Shares, up 5% this year, rose 4% in after-hours trading to $66
as the company reported an unexpected second-quarter profit on an
adjusted basis.
The San Rafael, Calif., company now projects an adjusted loss of
55 cents to 70 cents a share on $2 billion to $2.05 billion in
revenue for the year, compared with its earlier view of an adjusted
loss of 70 cents to 95 cents a share on $1.95 billion to $2.05
billion in revenue.
It affirmed its guidance of 475,000 to 525,000 additional
subscriptions.
For the current quarter, it projects an adjusted loss of 22
cents to 27 cents a share on $470 million to $485 million in
revenue, compared with analysts' projection of a loss of 28 cents a
share on $468.5 million in revenue, according to Thomson
Reuters.
Autodesk, which has reported a string of losses and revenue
declines as it shifts to a subscription-based model, makes
three-dimensional design, engineering and entertainment
software.
In the latest period, Autodesk added 109,000 subscriptions from
the previous quarter, ending the quarter with 2.8 million
subscriptions.
Overall, Autodesk reported a loss of $98.2 million, or 44 cents
a share, compared with a loss of $268.6 million, or $1.18 a share,
a year earlier. Excluding stock-based compensation and other items,
Autodesk reported a profit of 5 cents a share, down from 19 cents a
share a year earlier.
Revenue fell to $551 million, down 10% from the year earlier or
6% when adjusted for currency fluctuations, the company said.
Autodesk had projected a loss of 63 cents to 73 cents a share,
or 11 cents to 18 cents on an adjusted basis, on $500 million to
$520 million in revenue.
Gross profit margin narrowed to 84.5% from 84.7% a year earlier,
while operating expenses rose 3%.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 25, 2016 17:05 ET (21:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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