Autodesk reports lower Q3 net income, provides outlook for Q4

Autodesk, Inc., a developer of drafting software for desktop computers, has reported that net income for the third quarter ended October 31, 2012 was $29.3 million, or $0.13 per diluted share, compared to $72.8 million, or $0.32 per diluted share, for the third quarter ended October 31, 2011. For the fourth quarter of fiscal 2013, GAAP earnings per share is expected to be between $0.18 and $0.26.

Total net revenue for the third quarter ended October 31, 2012 was $548 million, compared to $548.6 million for the third quarter ended October 31, 2011.

Net income for the nine months ended October 31, 2012 was $172.8 million, or $0.74 per diluted share, compared to $213.3 million, or $0.91 per diluted share, for the nine months ended October 31, 2011.

Total net revenue for the nine months ended October 31, 2012 was $1.7 billion, compared to $1.62 billion for the nine months ended October 31, 2011.

For the fourth quarter of fiscal 2013, revenue is expected to be between $570 million to $600 million. For fiscal 2013, revenue is expected to be between $2.27 billion and $2.3 billion and EPS GAAP to be between $0.92 and $1.00.

"Our revenue results were disappointing and were primarily caused by a weakening demand environment," said Carl Bass, Autodesk president and CEO. "While we experienced pockets of relative strength in the US, northern Europe, and Russia, most other markets around the world slowed during the quarter, most notably emerging markets. Despite our overall revenue shortfall, our ongoing focus on cost management delivered meaningful margin expansion and EPS above our guidance range."