Reuters: Global Markets: Autodesk cuts full-year revenue forecast, shares fall

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Autodesk cuts full-year revenue forecast, shares fall May 16th 2013, 21:12 Thu May 16, 2013 5:12pm EDT (Reuters) - Autodesk Inc's (ADSK.O) first-quarter results missed market expectations on sales declines in the Americas and emerging markets, prompting the maker of AutoCAD design software to cut its full-year revenue forecast. Shares of the company fell 5 percent after the bell. They closed at $39.78 on the Nasdaq on Thursday. Autodesk said it expects revenue to grow 3 percent in the year ending January 31, 2014, down from the 6 percent it forecast in February. The company reported revenue of $2.3 billion in fiscal 2013. "A mixed global economy weighed heavily on our first quarter results," said Chief Executive Carl Bass in a statement. Autodesk also expects second-quarter adjusted profit of 39 cents to 44 cents per share, and revenue of $550 million to $570 million. Analysts on average expect earnings of 51 cents per share on revenue of $597 million, according to Thomson Reuters I/B/E/S. Autodesk's results are in contrast to rival Adobe Systems Inc (ADBE.O), the maker of Photoshop and Acrobat software, which raised its full-year adjusted earnings forecast in March as more customers chose its subscription-based model. Autodesk's first-quarter net income fell to $55.6 million, or 24 cents per share, from $78.9 million, or 34 cents per share, a year earlier. Excluding items, it reported a profit of 42 cents per share. Revenue fell 3 percent to $570.4 million at the company, which also counts Ansys Inc (ANSS.O), Parametric Technology Corp (PMTC.O), Exa Corp (EXA.O) and Dassault Systemes SA (DAST.PA) as competitors. Analysts expected first-quarter earnings of 45 cents per share on revenue of $583.4 million. (Reporting by Neha Alawadhi in Bangalore; Editing by Roshni Menon) Link this Share this Digg this Email Reprints

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