Autodesk, a maker of software for computer-aided design and workflows, met expectations for its fiscal first quarter but missed views with its outlook for the current quarter. Still, ADSK stock rose on Friday.
The San Francisco-based company late Thursday said it earned an adjusted $1.55 a share on sales of $1.27 billion for the period ended April 30. That matched Wall Street's consensus estimates. On a year-over-year basis, Autodesk earnings and sales both rose 8%.
For the current quarter ending July 31, Autodesk predicted adjusted earnings of $1.72 a share on sales of $1.32 billion. That's based on the midpoint of its outlook. However, analysts polled by FactSet had called for earnings of $1.77 a share on sales of $1.33 billion.
Autodesk kept its outlook unchanged for the full fiscal year ending Jan. 31, 2024.
ADSK Stock Rises After Report
On the stock market today, ADSK stock climbed 0.7% to close at 198.90. During the regular session Thursday, ADSK stock advanced 0.4% to close at 197.56.
Autodesk makes software for architecture, engineering, construction, product design, manufacturing, media and entertainment markets.
"We are deploying next-generation technology and services and end-to-end digital transformation within and between the industries we serve and shifting Autodesk from products to capabilities," Chief Executive Andrew Anagnost said in a news release.
William Blair analyst Dylan Becker reiterated his outperform rating on ADSK stock on Friday.
"While near-term macro dynamics create some level of uncertainty, we believe Autodesk remains in a long-term favorable position," Becker said in a note to clients. Autodesk is set "to capitalize on the long-term digital transformation opportunity" across the industries it serves, he said.
Autodesk ranks eighth out of 12 stocks in IBD's Computer Software-Design industry group, according to IBD Stock Checkup. ADSK stock has an IBD Composite Rating of 89 out of 99.
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