Autodesk Soars on Earnings

Autodesk(ADSK Quote) shares were surging Friday after the company reported that earnings zoomed in the fourth quarter. The software maker also said it is optimistic heading into fiscal 2005.

The San Rafael, Calif.-based company reported late Thursday that fourth-quarter net income rose to $58 million, or 48 cents a share on a GAAP basis, compared to $6.4 million, or 6 cents a share, in the same period a year ago. On a pro forma basis, the firm earned $53 million, or 45 cents a share, vs. $8 million, or 7 cents last year.

Net revenues hit $295.3 million. Analysts had been expecting earnings of just 29 cents a share on sales of $252.3 million. In Friday trading on Nasdaq, shares of Autodesk were up nearly 10% to $28.50. ...