Autodesk Boosts Low End Of 2Q View, Optimistic Long-Term

Date : 06/24/2010 @ 9:05AM
Source : Dow Jones News
Stock : Autodesk, Inc. (MM) (ADSK)
Quote : 109.75  -0.16 (-0.15%) @ 4:32PM

Autodesk Boosts Low End Of 2Q View, Optimistic Long-Term

Autodesk, Inc. (MM) (NASDAQ:ADSK)
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Autodesk Inc. (ADSK) raised the low end of its fiscal second-quarter guidance, while predicting annual revenue growth of 12% to 14% and operating margins of at least 30% in the next five years.

Shares of the maker of the popular AutoCAD design software used by engineers and architects were down 1.2% at $27.50 in premarket trading. The stock through Wednesday's close was up 9.5% this year, outperforming the broader market.

President and Chief Executive Carl Bass said, "While our near-term outlook is balanced by our cautious view of the pace of the global recovery, we continue to be optimistic about long-term growth." The company noted it was "pleased" with global demand levels, including its Europe, Middle East and Africa segment. Europe's recent economic woes had raised a concern about sales there.

Autodesk has remained profitable through cost cutting, but has been positioning itself in recent quarters for a global recovery. AutoDesk reported its first year-to-year sales increase in the prior quarter after five quarterly declines as it swung to a profit, aided by international growth and the absence of prior year charges.

The company has scheduled an investor presentation later Thursday.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;

 
 

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