Autodesk Results Top Estimate; Earnings Outlook Weak

(RTTNews) - Design software maker Autodesk Inc (ADSK) on Thursday reported fourth-quarter net earnings of $11.5 million or $0.05 per share compared with $53.9 million or $0.23 per share last year.

Excluding items, adjusted earnings for the quarter were $0.25 per share compared with $0.40 per share a year ago.

Revenues for the quarter were $664.6 million compared with $586.6 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.24 per share on revenues of $650.5 million for the quarter. Analysts' estimates typically exclude special items.

Operating expenses increased to $561 million from $463 million last year, hurting profits, Autodesk said.

For the first quarter, the company expects adjusted earnings of $0.25 to $0.30 per share on revenues of $625 million to $645 million. Analysts expect earnings of $0.32 per share on revenues of $627.5 million.

For the full year 2016, the company expects adjusted earnings of $1.05 to $1.20 per share on revenue growth of 3% to 5%. Analysts expect earnings of $1.32 per share on revenue growth of 4%.