Autodesk Raises Sales View

AutodeskADSK on Thursday grew first-quarter revenue 17% year over year, beating the consensus estimate.

But the design-software maker did not report full earnings because of its ongoing review of its stock option grant practices and related accounting issues. Additionally, the company did not give EPS guidance.

Revenue for the April quarter increased to $509 million, attributable to robust business of model-based 3D products, subscriptions and maintenance and in emerging markets. Analysts polled by Thomson First Call were looking for sales of $499.9 million.

The San Rafael, Calif.-based company forecast second-quarter revenue of $520 million to $530 million vs. the $512.8 million consensus.

For the third quarter, Autodesk's revenue range of $520 million to $530 million is in line with analysts' estimates.

The company also raised its full-year revenue forecast to between $2.12 billion and $2.15 billion, beating the Street's $2.11 billion forecast.

Autodesk, which expects to restate previously issued financial statements for fiscal years 2003 through 2006 to correct errors, also said that it is recording other "minor adjustments related to reseller incentives on its subscription program. The adjustments increase revenue and decrease deferred revenues for fiscal 2006 and fiscal 2005" by roughly $15 million and $5 million, respectively, the company said.

After hours, shares of Autodesk recently lost 2 cents to $43.28.