Autodesk Drops After Weak Q3 Guidance (ADSK)
Autodesk (NASDAQ: ADSK) is down more than four percent in after hours trading after the company announced its third-quarter expectations.
For the fiscal 2014 second quarter, Autodesk reported an EPS of $0.27 (a 44 percent decline) versus the Street's estimate of $0.42. Revenue came in at $561.7 million versus $561.63 million.
Autodesk also announced that it expects to report a third quarter EPS between $0.36 and $0.40. This is well below Wall Street's estimate of $0.50.
Sales are expected to fall within the $540 million to $555 million range versus Wall Street's estimate of $581.9 million.
"Our second quarter was marked by strength in our Architecture, Engineering and Construction (AEC) business segment and continued growth in suites," Carl Bass, Autodesk president and CEO, said in a company release.
"Growth in these vital areas was offset by mixed contributions from other parts of the business. On the product side, we strengthened and expanded our leading product portfolio with new desktop, cloud and mobile offerings."
Autodesk's second quarter earnings come after a year of mixed results.
Year-to-date, Autodesk is down more than three percent.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at 248-636-1322 or louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
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