Autodesk, a maker of design software and tools for project workflow, late Wednesday cruised above Wall Street's targets for its fiscal second quarter. It also guided higher for the current quarter. ADSK stock rose in extended trading.
The San Rafael, Calif.-based company earned an adjusted $1.65 a share on sales of $1.24 billion in the quarter ended July 31. Wall Street had expected Autodesk earnings of $1.57 a share on sales of $1.225 billion, according to FactSet. On a year-over-year basis, Autodesk earnings rose 36% while sales increased 17%.
For the current quarter ending Oct. 31, Autodesk predicted adjusted earnings of $1.69 a share on sales of $1.28 billion. That's based on the midpoint of its outlook.
Analysts had been expecting earnings of $1.66 a share on sales of $1.27 billion in the fiscal third quarter. In the year-earlier period, Autodesk earned $1.33 a share on sales of $1.13 billion.
For the full fiscal year ending Jan. 31, Autodesk expects to earn an adjusted $6.62 a share on sales of $5.01 billion. Wall Street was forecasting earnings of $6.54 a share on sales of $5.01 billion.
ADSK Stock Jumps Late
In after-hours trading on the stock market today, ADSK stock jumped 5.8% to 226.75. During the regular session Wednesday, ADSK stock rose 0.4% to close at 214.43.
Autodesk software spans architecture, engineering, construction, product design, manufacturing, media and entertainment.
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"Demand remained robust, our competitive performance strong, and subscription business resilient during the second quarter," Chief Financial Officer Debbie Clifford said in a news release.
She added, "With the underlying momentum of the business offsetting incremental foreign exchange headwinds, our guidance is unchanged at the midpoint across all metrics. We remain well on track to achieve our fiscal '23 goals."
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