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May 16, 2014
13:15 EDTADSKAutodesk rises after Q1 EPS, revenue surpass expectations
Shares of design software and services company Autodesk (ADSK) are up after the company reported first quarter earnings per share and revenue last night that exceeded analysts' projections. WHAT'S NEW: Last night, Autodesk reported Q1 earnings per share of 32c on revenue of $592.5M which both topped analysts' projections. The company reported that Q1 total billings increased 10% compared to last year and total subscriptions increased by over 89K compared to the prior quarter. Autodesk said that it sees second quarter EPS of 25c-30c which is in-line with what analyst anticipate. The company sees Q2 revenue to be between $595M-$610M which is above expectations of $576.32M. Autodesk raises its fiscal year 2015 revenue growth view to 4%-6% and its billings growth outlook to 7%-9%. The company now sees FY15 non-GAAP operating margin of 14%-16% and net subscription additions of 150K-200K. WHAT'S NOTABLE: During the company's Q1 earnings conference call, Autodesk said that it is off to a "strong" start in FY15. In Q1, the company said the amount of money it transitioned from licensing revenues to deferred revenue was small and expects to see another small amount transitioned in Q2. Autodesk said that its business model will not be perfectly linear in the future and that the amount of business that it transitions and the number of new subscriptions added will fluctuate from quarter to quarter and year to year. Still, the company says it is expecting the business model transition to progress in FY15, and then ramp up more significantly by FY17 and FY18. ANALYST REACTION: Canaccord said today that Autodesk's Q1 results reinforce its positive perspective and call it a quality growth at a reasonable price name, citing predictable growth in revenues, billings and stable margins. Shares of Autodesk are rated Buy with a $60 price target. Canaccord analyst Richard Davis said that he upped his FY15 and FY16 annual EPS estimates to $1.17 and $1.47, respectively and upped his FY15 and FY16 annual revenue estimates to $2.4B and $2.545M, respectively. PRICE ACTION: In mid-afternoon trading, shares of Autodesk are up $3.52, or 7.36%, to $51.34.
News For ADSK From The Last 14 Days
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November 21, 2014
13:20 EDTADSKOn The Fly: Midday Wrap
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10:26 EDTADSKOptions with decreasing implied volatility
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09:17 EDTADSKOn The Fly: Pre-market Movers
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07:28 EDTADSKAutodesk price target raised to $70 from $65 at Canaccord
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November 20, 2014
18:21 EDTADSKOn The Fly: After Hours Movers
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16:19 EDTADSKAutodesk up over 3% following Q3 results, guidance
16:09 EDTADSKAutodesk sees FY15 adjusted EPS $1.15-$1.18, consensus $1.20
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16:07 EDTADSKAutodesk sees Q4 adjusted EPS 22c-25c, consensus 30c
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16:06 EDTADSKAutodesk reports Q3 adjusted EPS 25c, consensus 22c
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15:28 EDTADSKNotable companies reporting after market close
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12:00 EDTADSKAnalyst sees new competition shaking up 3D printing market
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07:33 EDTADSK3D Systems likely to lower prices amid new competition, says Jefferies
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November 19, 2014
13:58 EDTADSKAutodesk November 60 straddle priced for 7% move into Q3
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07:49 EDTADSKAutodesk November volatility elevated into Q3 and outlook
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November 18, 2014
08:10 EDTADSKAutodesk price target raised to $73 from $65 at Cowen
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November 13, 2014
08:08 EDTADSKAutodesk November volatility elevated into Q3 and outlook
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November 10, 2014
15:44 EDTADSKAmazon Web Services to hold a conference
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