SAN RAFAEL (dpa-AFX) - Design software maker Autodesk, Inc. (ADSK) said Thursday after the markets closed that its third quarter profit nearly doubled from last year, helped by higher revenue and fewer restructuring charges.
The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. However, the company gave a downbeat forecast for the current quarter.
'Our third quarter was marked by strong growth in suites and solid execution across Architecture, Engineering and Construction (AEC) and Manufacturing,' said Carl Bass, Autodesk president and CEO.
Autodesk shares are currently gaining 2.69% in after hours trading after closing the day's regular trading session at $43.53, up $1.19 or 2.81%. The shares trade in a 52-week range of $31.38 to $45.03.
Third quarter revenue from the Americas increased 1% to $208 million and revenue from EMEA rose 4% to $204 million, while revenue from Asia Pacific was flat at $143 million. Revenue from emerging economies grew 6% from last year to $84 million and represented 15% of total third quarter revenue.
Revenue from the company's Platform Solutions and Emerging Business segment fell 10% from a year earlier, while revenue from its Architecture, Engineering and Construction business segment rose 13% from last year. Revenue from the company's Media and Entertainment business segment fell 9% from a year ago, while revenue from its manufacturing business segment grew 8% from a year last year.
Third quarter revenue from the company's flagship products fell 9% year-over-year, while revenue from Suites surged 21%.
For the third quarter ended October 31, 2013, the San Rafael, California-based company reported net income of $57.6 million or $0.25 per share, compared to $29.4 million or $0.13 per share for the year-ago quarter.
Excluding items, adjusted net income for the third quarter was $94.3 million or $0.41 per share, compared to $109.0 million or $0.47 per share in the prior year quarter.
On average, 18 analysts polled by Thomson Reuters expected the company to earn $0.39 per share for the third quarter. Analysts' estimates typically exclude special items.
Operating margin for the quarter improved to 12% from 6% a year ago, while adjusted operating margin shrank to 22% from 27% last year.
Revenue for the third quarter grew 1% to $555.2 million from $548.0 million in the same quarter last year. Sixteen analysts had a consensus revenue estimate of $547.50 million for the third quarter.
The company's deferred revenue at the end of the third quarter was $766 million, an increase of 7% from a year earlier.
Looking forward to the fourth quarter, the company forecast revenue of $560 million to $580 million, earnings of $0.09 to $0.16 per share and adjusted earnings of $0.29 to $0.36 per share. Analysts currently expect the company to earn $0.35 per share on revenue of $574.83 million for the fourth quarter.
For the full fiscal year 2014, the company now forecasts revenue of $2.247 billion to $2.267 billion, earnings of $0.84 to $0.90 per share and adjusted earnings of $1.55 to $1.61 per share. Analysts currently expect the company to earn $1.61 per share on revenue of $2.25 billion for the fiscal year 2014.
'While challenges remain in parts of our markets, we continue to be diligent about managing our spend while making essential investments to drive growth,' said Mark Hawkins, Autodesk executive vice president and CFO. 'We are seeing some modest improvements around the world and are cautiously optimistic about the current macro environment.'
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