Autodesk stock got a boost late Thursday after the design software company reported fourth-quarter earnings and sales that exceeded expectations.
Autodesk said it earned an adjusted $2.09 per share on sales of $1.47 billion for the January-ending quarter. On average, analysts projected the San Francisco-based company would post adjusted earnings of $1.95 per share on sales of $1.43 billion, according to FactSet.
For the same period a year earlier, Autodesk posted adjusted earnings of $1.86 per share on sales of $1.32 billion.
"Autodesk remains resilient and underlying demand for our products and services is robust," Chief Financial Officer Debbie Clifford said in a news release.
For the current quarter, Autodesk guided for sales between $1.385 billion and $1.4 billion. Analysts were projecting Autodesk to post $1.39 billion in sales for the April-ending quarter, according to FactSet.
On the stock market today, Autodesk stock is up nearly 7% at 276.50 in after hours action.
Autodesk Stock: Technical Ratings
Autodesk makes software for the architecture, engineering, construction, product design, manufacturing, media and entertainment markets.
Prior to earnings, Autodesk gained 1% in Thursday trading. Shares have gained 10% so far this year and 28% in the past 12 months.
Coming into the report, Autodesk stock had an IBD Composite Rating of 94 out of a best-possible 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one rating. The best growth stocks have a Composite Rating of 90 or better.
