Autodesk stock was falling sharply in late trading Tuesday, even after earnings from the software firm beat Wall Street estimates and the company announced the appointment of a new chief financial officer.
"It's the beginning of a new transition to normalcy in a new era," Chief Executive Andrew Anagnost said in an interview with Barron's.
On April 1, the maker of software for architecture, engineering, and design said it was investigating its own practices regarding free cash flow and adjusted operating margins, delaying the filing of its 10-K for the year ended Jan. 31. In June, AutoDesk appointed Elizabeth Rafael as interim chief financial officer.
Janesh Moorjani will take over as the new CFO, effective Dec. 16.
AutoDesk reported third-quarter adjusted earnings of $2.17 a share from revenue of $1.57 billion. Analysts surveyed by FactSet were expecting earnings of $2.12 a share on revenue of $1.56 billion.
In the same period last year, AutoDesk posted earnings of $2.07 a share on revenue of $1.41 billion.
The company also said it now expects fiscal 2025 adjusted earnings to be between $8.29 and $8.35 a share, compared with the forecast of $8.18 to $8.31 it issued with its second-quarter results.
"We beat on all the key metrics, we raised the midpoint of guidance for the full year across all the key metrics, so it's good, solid quarter," Anagnost said .
Despite the beat and raise, shares of Autodesk were down 9% in after-hours trading on Tuesday. The company's adjusted operating margin was 36% in the latest quarter, down form 39% a year ago.
AutoDesk shares have risen 31% this year compared to the 26% increase of the S&P 500.
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