Autodesk forecasts annual revenue above estimates, shares jump

By Thomson Reuters Feb 29, 2024 | 4:44 PM

(Reuters) – Autodesk forecast annual revenue above Wall Street estimates on Thursday, betting on resilient demand for its design software products, sending its shares up more than 6% in extended trading.

Demand for Autodesk, which provides 3D design and engineering solutions for several sectors including construction, manufacturing and media, is bolstered by clients looking to design innovative products in a competitive landscape. Its portfolio includes software Revit and Fusion 360.

According to analysts, a wave of digitization efforts would also boost demand for the company’s artificial intelligence-integrated products.

Autodesk expects fiscal 2025 revenue to be in the range of $5.99 billion to $6.09 billion, compared with analysts’ average estimate of $5.98 billion, according to LSEG data.

The company, whose AutoCAD software is used by construction, engineering and manufacturing companies, forecast annual adjusted profit per share to be between $7.89 and $8.11, below analysts’ estimate of $8.13.

The San Francisco-based company’s fourth-quarter revenue rose 11% to $1.47 billion. It said its design revenue jumped 10% to $1.22 billion.

On an adjusted basis, the company earned $2.09 per share in the fourth quarter ended Jan. 31, beating analysts’ estimate of $1.95 per share.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi Majumdar)