AUTODESK INC. $17 (Nasdaq symbol ADSK; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 226.2 million; Market cap: $3.8 billion; WSSF Rating: Average) makes Auto- CAD, the world’s leading computer aided design program. AutoCAD helps engineers and architects design machinery and buildings. The company also makes software that filmmakers use to create special effects.
Autodesk’s shares have dropped 50% in the past two months. That’s partly because slowing construction activity could hurt demand for its 3D building design software. The company is now cutting costs, which should help it remain profitable if sales weaken.
In its third fiscal quarter ended October 31, 2008, Autodesk’s earnings before unusual items rose 11.0%, to $130.0 million from $117.7 million a year earlier. Earnings per share rose 14.3%, to $0.56 from $0.49, on fewer shares outstanding. Revenue grew 12.8%, to $607.1 million from $538.4 million.
In the latest quarter, an acquisition, favorable foreign exchange rates and strong sales in emerging markets boosted revenues and earnings. Europe, Middle East and Africa revenues rose 27% (20% excluding currency gains). Asia Pacific sales rose 12% (9% excluding currency). Revenues from the Americas fell 1%.
Autodesk is debt free, and holds cash of $933.2 million or $4.12 a share. That should let it maintain its high research spending (22.3% of revenue in the latest quarter). The stock now trades at 10.3 times its likely fiscal 2009 earnings of $1.65 a share.
Autodesk is a buy.
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