Autodesk Raises Fiscal Year Profit Targets, Narrows Sales Expectations

By Kimberly Chin

Autodesk Inc. raised its full-year earnings forecast but narrowed its sales estimates.

The software services company expects fiscal 2021 earnings to be between $1.86 a share and $1.92 a share, up from its prior forecast of $1.63 to $1.81 a share. Excluding stock-based compensation, amortization and other items, adjusted earnings is predicted to be in the range of $3.91 to $3.97 a share, higher than the $3.72 to $3.90 a share it previously projected.

Autodesk raised the low end of its revenue guidance to $3.75 billion to $3.77 billion for the year, from its previous target between $3.72 billion and $3.77 billion. Autodesk also narrowed its billing forecast to $4.07 billion to $4.13 billion from its prior target around $4.07 billion to $4.17 billion.

For the current quarter, the company expects earnings between 53 cents to 59 cents a share and revenue around $999 million to $1.01 billion. On an adjusted basis, fourth-quarter earnings is projected to be in the $1.04 to $1.10 range.

Write to Kimberly Chin at [e-mail]

(END) Dow Jones Newswires

November 24, 2020 16:58 ET (21:58 GMT)

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