Autodesk Profit Tops Estimates; Q3 Guidance Weak

(RTTNews) - Design software maker Autodesk Inc (ADSK) on Thursday reported third-quarter net loss of $235.5 million or $1.04 per share compared with a profit of $31.3 million or $0.13 per share last year.

Excluding items, adjusted earnings for the quarter were $0.19 per share compared with $0.35 per share a year ago.

Revenues for the quarter were $609.5 million compared with $637.1 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.17 per share on revenues of $612.4 million for the quarter. Analysts' estimates typically exclude special items.

For the third quarter, the company expects adjusted earnings of $0.05 to $0.10 per share on revenues of $580 million to $600 million. Analysts expect earnings of $0.24 per share on revenues of $628.3 million.

For the full year 2016, the company now expects adjusted earnings of $0.60 to $0.72 per share, from prior guidance of $0.95 to $1.10 per share; and revenues of $2.47 billion to $2.51 billion.

Analysts expect earnings of $1.04 per share on revenues of $2.59 billion for the year.

Separately, Autodesk said it has agreed to acquire SeeControl, a San Francisco-based developer of an enterprise Internet of Things cloud service platform. Terms were not disclosed.

The transaction is expected to close during Autodesk's fiscal quarter ending October 2015.

The SeeControl service helps manufacturers and systems integrators connect, analyze, control, and manage remote products, things, and assets and create new service revenue opportunities.

This transaction is expected to have no impact on Autodesk's guidance issued today.