Autodesk Q1 Results Top Estimates; Cuts FY16 Outlook

(RTTNews) - Autodesk, Inc. (ADSK) reported net income for the first quarter of $19.1 million or $0.08 per share, compared to $28.3 million or $0.12 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $69.1 million or $0.30 per share, compared to $73.8 million or $0.32 per share in the prior year quarter.

Net revenue for the first quarter rose 9% to $646.5 million from $592.5 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.28 per share on revenue of $636.56 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue of $600 million to $620 million, a net loss of $0.10 to $0.05 per share and adjusted earnings of $0.14 to $0.19 per share. Analysts currently expects the company to earn $0.32 per share on revenue of $649.99 million for the second quarter.

For the full year fiscal 2016, the company now expects revenue growth of 2% to 4%, earnings of $0.00 to $0.15 per share and adjusted earnings of $0.95 to $1.10 per share. Previously, the company expected revenue growth of 3% to 5%, earnings of $0.10 to $0.25 per share and adjusted earnings of $1.05 to $1.20 per share. Analysts currently expects the company to earn $1.32 per share on revenue growth of 4% for the full year.