First-quarter profit nearly doubled at
, as the company boosted earnings guidance for the second quarter and full year.
The manufacturing software maker said after the bell Thursday that net income for the quarter ended April 30 rose to $76 million, or 31 cents a share, from $43 million, or 18 cents a share.
Excluding items, profit rose to $75 million, or 30 cents a share, from $51 million, or 22 cents a share, a year earlier. On this basis, analysts were expecting the company to earn 28 cents a share in the latest quarter.
Revenue rose 19% to $355 million from $298 million. The Street's consensus estimate was $348 million.
Autodesk said its performance was driven by strong growth in revenue from new seats and subscriptions, increasing penetration of its vertical and 3D products and continued improvement in profitability.
First-quarter revenue from new seats increased 22% over the prior year. Revenue from new seats of its AutoCAD software rose 26%.
For the second quarter, Autodesk said it now expects 22 cents to 24 cents a share on revenue of $350 million to $360 million. The company anticipates operating expenses will increase in the quarter due to investment in growth initiatives. Analysts had been expecting Autodesk to earn 23 cents a share on revenue of $342.8 million.
For the full year, the company expects revenue of $1.45 billion to $1.5 billion and earnings of $1.14 to $1.19 a share. The current analyst consensus is for earnings of $1.14 a share on revenue of $1.46 billion.
Shares of Autodesk edged up 19 cents, or 0.5%, to $36.75 in the after-hours session.