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;