Autodesk Tops Expectations

SAN FRANCISCO -- Autodesk(ADSK Quote - Cramer on ADSK - Stock Picks) came out atop first-quarter expectations Thursday.

The San Rafael, Calif. engineering-design software company reported the top line grew 17.7% to $598.8 million, from revenue of $508.6 million for the same quarter of last year. Analysts were expecting $589.3 million, according to Thomson Reuters.

Net income rose 13.6% to $94.6 million, or 41 cents a share, vs. $83.3 million, or 34 cents a share, in the year-ago period.

Excluding special items, EPS was 50 cents, beating analysts' estimates by 2 cents.

The stock was up 3 cents, or 0.7%, to $40.97 in after-hours trading.

For the second quarter, Autodesk projected revenue of $600 million to $610 million and EPS, less items, of 52 cents to 54 cents. Analysts were expecting revenue of $602.8 million and EPS, less items, of 52 cents.

For the full year, revenue will range from $2.45 billion to $2.5 billion and EPS will be between $2.20 and $2.30. Analysts were looking for a top line of $2.47 billion and EPS of $2.23.

Results in the first quarter were driven by favorable currency exchange rates, revenue from new seats and growth in emerging markets, the company reported.

Deferred revenue rose 7.9% year over year to $549.7 million.

In the software sector, Intuit(INTU Quote - Cramer on INTU - Stock Picks) will post earnings May 20. Salesforce.com(CRM Quote - Cramer on CRM - Stock Picks) reports results Wednesday, May 21.