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Design Software Firm Autodesk Disappoints With Weak Earnings Guidance

Autodesk (ADSK), a maker of computer-aided design software and workflow tools, late Thursday beat Wall Street’s targets for its fiscal fourth quarter. However, its outlook for the current quarter and full year disappointed. ADSK stock fell after the Autodesk earnings report.




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The San Rafael, Calif.-based company earned an adjusted $1.18 a share on sales of $1.04 billion for the quarter ended Jan. 31. Analysts expected Autodesk earnings of $1.07 a share on sales of $1.01 billion. On a year-over-year basis, Autodesk earnings rose 28% while sales climbed 16%.

For the current quarter, Autodesk expects to earn an adjusted 94 cents a share on sales of $962.5 million. That’s based on the midpoint of its guidance. Wall Street had predicted Autodesk earnings of $1.11 a share on sales of $998 million. In the fiscal first quarter last year, Autodesk earned an adjusted 85 cents a share on sales of $886 million.

For the full fiscal 2022, Autodesk expects to earn an adjusted $4.93 a share on sales of $4.3 billion. Analysts had been looking for earnings of $5.17 a share on sales of $4.3 billion. In the just-completed fiscal 2021, Autodesk earned an adjusted $4.05 a share, up 45%, on sales of $3.79 billion, up 16%.

ADSK Stock Falls Late On Weak Profit Outlook

In after-hours trading on the stock market today, ADSK stock dropped 4.9%, near 270. During the regular session, ADSK stock fell 5% to 284.03 in an overall down day for the stock market.

“With a record number of enterprise agreements in the fourth quarter and recently announced intention to acquire Innovyze, we are looking to the future with optimism and remain confident in our fiscal 2023 targets and double-digit growth thereafter,” Chief Executive Andrew Anagnost said in a news release.

On Wednesday, Autodesk announced a $1 billion deal to buy Innovyze, a Portland, Ore.-based maker of water infrastructure software.

Autodesk A Laggard In Its Industry Group

Autodesk ranks seventh out of 12 stocks in IBD’s Computer Software-Design industry group, according to the IBD Stock Checkup tool.

ADSK stock has an IBD Composite Rating of 47 out of 99. IBD’s Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.

ADSK stock has been consolidating for the past seven weeks with a buy point of 321.23, according to IBD MarketSmith charts. That buy point is 10 cents above its all-time high of 321.13, reached on Jan. 13.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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