Autodesk Lifts FY21 Earnings Outlook

(RTTNews) - Autodesk Inc. (ADSK) Tuesday lifted its earnings outlook for the full year 2021.

Looking forward to the full year 2021, the software company now expects full-year adjusted earnings of $3.72 to $3.90 per share, up from prior outlook of $3.52 to $3.90 per share. Analysts polled by Thomson Reuters currently estimate earnings of $3.78 per share for 2021.

For the third quarter, Autodesk expects earnings of $0.91 to $0.97 per share and revenues of $930 million to $945 million. Analysts currently estimate earnings of $0.95 per share on revenues of $939.13 million.

The San Rafael, California-based company reported second-quarter profit of $98.2 million or $0.44 per share, up from $40.2 million or $0.18 per share last year.

Excluding items, adjusted earnings were $218.0 million or $0.98 per share for the period. Analysts expected earnings of $0.90 per share.

Revenues for the quarter grew 14.6% to $913.1 million from $796.8 million last year. Analysts had a consensus revenue estimate of $899.25 million.

"We delivered a strong second quarter as a result of our resilient business model and strategic nature of our products," said CEO Andrew Anagnost. "Our cloud-based solutions are helping our customers stay productive in the current environment, and have resulted in expanded relationships and usage of our products. I am very proud of our team as we continue to deliver on our long-term strategic goals, and remain confident in our growth drivers and fiscal 2023 targets."