Autodesk Stubs Its Toe (ADSK)
February 26, 2008 by Douglas A. McIntyreAutodesk Inc. (NASDAQ: ADSK) has posted earnings of $0.52 non-GAAP EPS on revenues of $599.1 million, while First Call had estimates at $0.54 EPS and $581.4 million in revenues. Unfortunately, the guidance is going to disappoint many since Autodesk isn’t usually a "lowering guidance" company.
Net revenue for the first quarter of fiscal 2009 is expected to be in the range of $575 million and $585 million; it is lowering its previous estimate of earnings per diluted share to non-GAAP earnings per diluted share in the range of $0.46 and $0.48. Estimates are $582.6 million and $0.52 respectively.
For fiscal year 2009, Autodesk kept its previously provided revenue guidance range of $2.425 billion and $2.475 billion; but it lowered non-GAAP EPS guidance to a range of $2.15 and $2.25. Estimates are $2.46 Billion and $2.24 respectively.
Shares closed down 0.5% today at $39.10, and its shares are down nearly 10% at a new 52-week low of $35.25 in after hours trading. The 52-week trading range id $36.74 to $51.32. We’d normally point out that shares had already been hit hard, but Wall Street isn’t used to lower numbers out of this company.
Jon C. Ogg
February 26, 2008
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