Autodesk Lifts FY22 Earnings Outlook

(RTTNews) - Autodesk Inc. (ADSK) Tuesday lifted its earnings outlook for the full year 2022.

Looking forward to the full year 2022, the software company now expects adjusted earnings of $4.91 to $5.06 per share and revenues of $4.35 billion to $4.39 billion. Previously, the company expected earnings of $4.67 to $4.97 per share and revenues of $4.31 to $4.39 billion.

Analysts polled by Thomson Reuters currently estimate earnings of $4.90 per share on revenues of $4.36 billion for the year.

For the third quarter, Autodesk expects adjusted earnings of $1.22 to $1.28 per share on revenues of $1.10 billion to $1.13 billion. Analysts currently estimate earnings of $1.26 per share on revenues of $1.11 billion.

The company's second-quarter profit rose to $115.6 million or $0.52 per share from $98.2 million or $0.44 per share last year.

Adjusted earnings were $330.8 million or $1.21 per share for the period. Analysts had expected earnings of $1.13 per share.

The company's revenue for the quarter rose 16.5% to $1.06 billion from $913.1 million last year. Analysts had a consensus revenue estimate of $1.05 billion.

"Robust growth in new product subscriptions, accelerating digital sales, and improving subscription renewal rates drove our strong second quarter results," said Debbie Clifford, Autodesk CFO. "Our strong start to the year means we are raising our FY22 revenue and margin guidance and shifting more of our EBA customers from multi-year paid up front to annual billings, benefiting both our customers and Autodesk."