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4 years ago
UPDATE 1-Autodesk cuts full-year revenue forecast, shares fall
May 16, 2013 / 9:11 PM / 4 years ago

UPDATE 1-Autodesk cuts full-year revenue forecast, shares fall

* Sees FY14 rev growth of 3 pct vs 6 pct estimated earlier

* Expects second-quarter revenue $550 mln-$570 mln vs est $597 mln

* Sees adj earnings per share $0.39-$0.44 vs est $0.51

* First-quarter adj earnings $0.42/share vs est $0.45

* Shares down 5 pct after market

May 16 (Reuters) - Autodesk Inc's 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 Jan. 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, 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, Parametric Technology Corp , Exa Corp and Dassault Systemes SA as competitors.

Analysts expected first-quarter earnings of 45 cents per share on revenue of $583.4 million.

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