SAN RAFAEL (dpa-AFX) - Autodesk Inc. (ADSK) said Thursday its profit for the first quarter increased from last year as demand for its design software suites helped revenue growth across all regions. Earnings for the quarter were in line with Street estimates, while revenue topped expectations.
Moving forward, Autodesk provided its outlook for the second quarter, with the midpoint of earnings and revenue guidance indicated to miss current analysts' estimates. Autodesk shares dropped 7.5 percent in after-hours trade on the Nasdaq.
Autodesk, whose suites include AutoCAD and AutoCAD LT, said its revenue for the first quarter rose 11 percent from last year.
Revenue from Americas rose 14 percent from last year, while EMEA grew 4 percent. Revenue from Asia Pacific increased 19 percent year-over-year, and emerging economies were up 6 percent.
By segment, revenue from Platform Solutions and Emerging Business increased 9 percent from a year earlier, while Architecture, Engineering and Construction business grew 16 percent. Revenue from the manufacturing segment climbed 18 percent, and Media and Entertainment segment, which forms a small part of business, slid 5 percent.
CEO Carl Bass said, 'We had a solid start to the year as our overall business continued to deliver double-digit year-over-year revenue growth.'
Bass added, 'We were pleased with the performance of suites as customers are embracing the substantially greater functionality and value that our design and creation suites deliver...'
San Rafael, California-based company Autodesk reported first-quarter net income of $79 million or $0.34 per share, compared to $69.3 million or $0.29 per share last year.
Excluding items, adjusted earnings for the quarter were $110 million or $0.47 per share, compared to $93.7 million or $0.40 per share in the prior year.
On average, 21 analysts polled by Thomson Reuters expected the company to earn $0.47 per share for the quarter.
Revenue for the quarter was $588.6 million, compared to $528.3 million last year. Nineteen analysts had a consensus revenue estimate of $586.18 million for the quarter.
Operating margin for the quarter improved to 16 percent from 15 percent a year ago, while adjusted margin increased to 25 percent from 23 percent.
Autodesk has forecast second-quarter earnings in the range of $0.29 to $0.34 per share and adjusted earnings of $0.46 to $0.51 per share. Revenue is expected between $580 million and $600 million. Analysts currently expect earnings of $0.51 per share on revenue of $600.71 million for the second quarter.
The company continues to expect full year 2013 revenue to increase 10 percent compared to previous fiscal year.
ADSK closed Thursday at $34.73, down $1.16 or 3.23%, on a volume of 3.2 million shares on the Nasdaq. In after hours, the stock further dropped $1.92 or 5.53%. In the past year, the stock has traded in a range $22.99 - $45.00.
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