Autodesk, a maker of design software and tools for project workflow, late Thursday beat Wall Street's targets for its fiscal fourth quarter but disappointed with its earnings outlook for the current quarter and full year ahead. ADSK stock fell in extended trading.
The San Francisco-based company earned an adjusted $1.86 a share on sales of $1.32 billion in the quarter ended Jan. 31. Analysts polled by FactSet had expected earnings of $1.81 a share on sales of $1.31 billion. On a year-over-year basis, Autodesk earnings rose 24% while sales advanced 9%.
For the current quarter, Autodesk predicted adjusted earnings of $1.53 a share on sales of $1.27 billion. That's based on the midpoint of its guidance. Wall Street was projecting earnings of $1.64 a share on sales of $1.27 billion in the first quarter.
For the full year, Autodesk forecast adjusted earnings of $7.15 a share on sales of $5.1 billion. However, analysts were looking for earnings of $7.38 a share on sales of $5.45 billion. In the just-finished fiscal year, Autodesk earned an adjusted $6.63 a share on sales of $5.01 billion.
ADSK Stock Sinks After Report
In after-hours trading on the stock market today, ADSK stock dropped 3% to 214.50. During the regular session Thursday, ADSK stock rose 2.1% to close at 221.16.
In a news release, Chief Executive Andrew Anagnost said he sees "large new growth opportunities for Autodesk" as more industries shift to "connected digital workflows in the cloud."
Autodesk makes software for architecture, engineering, construction, product design, manufacturing, media and entertainment markets.
ADSK stock ranks third out of 12 stocks in IBD's Computer Software-Design industry group, according to IBD Stock Checkup. It has an IBD Composite Rating of 95 out of 99. The Composite Rating scores a stock's key growth metrics against all other stocks regardless of industry group.
ADSK stock has formed a double-bottom base with a buy point of 233.79, according to IBD MarketSmith charts.
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