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Factors to Note Ahead of Autodesk's (ADSK) Q1 Earnings Release
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Autodesk (ADSK - Free Report) is scheduled to report first-quarter fiscal 2024 results on May 25.
The company anticipates revenues between $1.260 billion and $1.275 billion for the fiscal first quarter. The Zacks Consensus Estimate for the same is pegged at $1.27 billion, suggesting growth of 8.2% from the year-ago quarter.
Autodesk projects non-GAAP earnings of $1.50-$1.56 per share. The Zacks Consensus Estimate for the same is pegged at $1.55 per share, indicating an 8.4% year-over-year rise.
Autodesk’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 4%.
The accelerated digital transformation, taking place across all industries, is driving demand for Autodesk’s cloud solutions. The company’s fiscal first-quarter performance is likely to have benefited from solid growth in subscription revenues amid accelerated cloud migration.
A solid uptick in the maintenance-to-subscription program, continued momentum in new customer billings and steady renewals are expected to have acted as tailwinds. The robust adoption of the AutoCAD and AutoCAD LT product family is expected to have favored ADSK’s top line.
The company is likely to have gained from the robust performance of the Enterprise Business Agreements program. This is anticipated to have boosted Autodesk’s remaining performance obligation growth rates in the quarter to be reported.
The Autodesk Construction Cloud solution has been witnessing steady traction with owners, general contractors and subcontractors across the construction industry, which is anticipated to have favored the top line. Gains from Autodesk Build, a field management solution launched in 2021, and part of Autodesk Construction Cloud are expected to have contributed to the to-be-reported quarter's top line.
Incremental gains from the uptake of Autodesk Building Information Modeling 360 solution, which is a holistic process of integrating structured and multi-disciplinary data to produce a digital representation of assets from planning and design to construction and operations, are likely to get reflected in the first quarter top line. However, headwinds from inflationary pressures, foreign exchange movements, labor shortages and pandemic dynamics might have impacted Autodesk’s fiscal first-quarter performance.
What Our Model Says
Our proven model does not conclusively predict an earnings beat for Autodesk this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that’s not the case here.
ADSK has an Earnings ESP of -1.41% and a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With the Favorable Combination
Per our model, HP (HPQ - Free Report) , NVIDIA Corporation (NVDA - Free Report) and Ulta Beauty (ULTA - Free Report) have the right combination of elements to post an earnings beat in the upcoming releases.
Currently, HP has an Earnings ESP of +1.85% and carries a Zacks Rank #2. The company is scheduled to report its second-quarter fiscal 2023 results on May 30. HPQ’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average earnings surprise of 1.1%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for HP’s fiscal second-quarter earnings is 76 cents per share, indicating a year-over-year decline of 29.6%. The company is estimated to report revenues of $13.07 billion, which suggests a drop of 20.7% from the year-ago quarter.
NVIDIA has an Earnings ESP of +2.43% and carries a Zacks Rank #3 at present. The company is scheduled to report its first-quarter fiscal 2024 results on May 24. The company’s earnings surpassed the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being negative 3.2%.
The Zacks Consensus Estimate for NVDA’s fiscal first-quarter earnings is pegged at 92 cents per share, indicating a 32.4% drop from the year-ago quarter’s $1.36. The consensus mark for revenues is $6.51 billion, suggesting a year-over-year decrease of 21.5%.
Ulta Beauty has an Earnings ESP of +0.66% and carries a Zacks Rank #3 at present. The company is set to report first-quarter fiscal 2024 results on May 25. ULTA’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 26.2%.
The Zacks Consensus Estimate for ULTA’s quarterly earnings is pegged at $6.81 per share, suggesting a year-over-year increase of 8.1%. Its quarterly revenues are estimated to increase 11.5% year over year to $2.62 billion.
Image: Bigstock
Factors to Note Ahead of Autodesk's (ADSK) Q1 Earnings Release
Autodesk (ADSK - Free Report) is scheduled to report first-quarter fiscal 2024 results on May 25.
The company anticipates revenues between $1.260 billion and $1.275 billion for the fiscal first quarter. The Zacks Consensus Estimate for the same is pegged at $1.27 billion, suggesting growth of 8.2% from the year-ago quarter.
Autodesk projects non-GAAP earnings of $1.50-$1.56 per share. The Zacks Consensus Estimate for the same is pegged at $1.55 per share, indicating an 8.4% year-over-year rise.
Autodesk’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 4%.
Autodesk, Inc. Price and EPS Surprise
Autodesk, Inc. price-eps-surprise | Autodesk, Inc. Quote
Key Factors at Play
The accelerated digital transformation, taking place across all industries, is driving demand for Autodesk’s cloud solutions. The company’s fiscal first-quarter performance is likely to have benefited from solid growth in subscription revenues amid accelerated cloud migration.
A solid uptick in the maintenance-to-subscription program, continued momentum in new customer billings and steady renewals are expected to have acted as tailwinds. The robust adoption of the AutoCAD and AutoCAD LT product family is expected to have favored ADSK’s top line.
The company is likely to have gained from the robust performance of the Enterprise Business Agreements program. This is anticipated to have boosted Autodesk’s remaining performance obligation growth rates in the quarter to be reported.
The Autodesk Construction Cloud solution has been witnessing steady traction with owners, general contractors and subcontractors across the construction industry, which is anticipated to have favored the top line. Gains from Autodesk Build, a field management solution launched in 2021, and part of Autodesk Construction Cloud are expected to have contributed to the to-be-reported quarter's top line.
Incremental gains from the uptake of Autodesk Building Information Modeling 360 solution, which is a holistic process of integrating structured and multi-disciplinary data to produce a digital representation of assets from planning and design to construction and operations, are likely to get reflected in the first quarter top line. However, headwinds from inflationary pressures, foreign exchange movements, labor shortages and pandemic dynamics might have impacted Autodesk’s fiscal first-quarter performance.
What Our Model Says
Our proven model does not conclusively predict an earnings beat for Autodesk this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that’s not the case here.
ADSK has an Earnings ESP of -1.41% and a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With the Favorable Combination
Per our model, HP (HPQ - Free Report) , NVIDIA Corporation (NVDA - Free Report) and Ulta Beauty (ULTA - Free Report) have the right combination of elements to post an earnings beat in the upcoming releases.
Currently, HP has an Earnings ESP of +1.85% and carries a Zacks Rank #2. The company is scheduled to report its second-quarter fiscal 2023 results on May 30. HPQ’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average earnings surprise of 1.1%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for HP’s fiscal second-quarter earnings is 76 cents per share, indicating a year-over-year decline of 29.6%. The company is estimated to report revenues of $13.07 billion, which suggests a drop of 20.7% from the year-ago quarter.
NVIDIA has an Earnings ESP of +2.43% and carries a Zacks Rank #3 at present. The company is scheduled to report its first-quarter fiscal 2024 results on May 24. The company’s earnings surpassed the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being negative 3.2%.
The Zacks Consensus Estimate for NVDA’s fiscal first-quarter earnings is pegged at 92 cents per share, indicating a 32.4% drop from the year-ago quarter’s $1.36. The consensus mark for revenues is $6.51 billion, suggesting a year-over-year decrease of 21.5%.
Ulta Beauty has an Earnings ESP of +0.66% and carries a Zacks Rank #3 at present. The company is set to report first-quarter fiscal 2024 results on May 25. ULTA’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 26.2%.
The Zacks Consensus Estimate for ULTA’s quarterly earnings is pegged at $6.81 per share, suggesting a year-over-year increase of 8.1%. Its quarterly revenues are estimated to increase 11.5% year over year to $2.62 billion.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.