Weak April leads to disappointing Q1 finish as top 3D design software maker sees 4% rise in AEC revenues; 4% decline in manufacturing
Autodesk Inc., a global leader in 3D design software for manufacturing, building, construction, engineering and entertainment, posted first quarter adjusted earnings per share of $0.42 after the close of trading Thursday, reportedly missing analysts’ expectations by $0.03.
San Rafael, Calif.-based Autodesk also said revenue for the first quarter of fiscal 2014 was $570 million, down 3 percent.
“A mixed global economy weighed heavily on our first quarter results,” said Carl Bass, Autodesk CEO. “There were positive areas in the quarter but overall, a weak April led to a disappointing finish to the quarter. While the global macroeconomic conditions are uneven, we remain focused on revenue growth by delivering the best design solutions to our customers.”
Autodesk’s stock was down 10 percent to $35.73 at the opening bell Friday. Shares closed Thursday before earnings were released at $39.78, up just under 1 percent, but fell more than 5 percent to $37.62 in after-hours trading. Its 52-week stock price range is $27.70-$41.42. The company has a market capitalization of $8.9 billion.
Revenue geographically
- First quarter EMEA (Europe, the Middle East and Africa) revenue fell 4 percent to $216 million.
- Revenue in the Americas dropped 3 percent to $202 million.
- Revenue in Asia Pacific declined 3 percent to $152 million.
- Revenue from emerging economies, which represented 13 percent of total Q1 revenue, fell 8 percent to $75 million.
Revenue by business segment
First quarter revenue from its Platform Solutions and Emerging Business segment fell 6 percent to $213 million compared to the first quarter last year. The segment also posted a 7 percent revenue decline to $198 million for fiscal year 2013.
First quarter revenue from the AEC (architecture, engineering and construction) segment grew 4 percent to $172 million. For fiscal 2013, the segment’s revenue was up 18 percent to a record $207 million.
First quarter revenue from its Manufacturing business segment declined 4 percent to $139 million, nearly reversing the segment’s fiscal 2013 revenue, which had grown 5 percent to $155 million.
First quarter revenue from the Media and Entertainment business segment fell 8 percent to $47 million in the first quarter of fiscal 2014, continuing its 16 percent decline for fiscal 2013, which came in at $47 million.
Outlook
Second quarter adjusted EPS is expected to range from $0.39 – $0.44, but analysts reportedly anticipate $0.51 per share.
Net revenue for fiscal 2014 is now expected to increase by approximately 3 percent compared to fiscal 2013.
