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The company anticipates revenues between $1.38 billion and $1.395 billion for the fiscal third quarter. The Zacks Consensus Estimate for the same is pegged at $1.39 billion, suggesting growth of 8.42% from the year-ago quarter.
Autodesk projects non-GAAP earnings in the band of $1.97-$2.03 per share. The Zacks Consensus Estimate for the same is pegged at $1.99 per share, indicating a 17.06% year-over-year rise.
Autodesk’s earnings beat the Zacks Consensus Estimate twice in the trailing four quarters, while matching the same twice, the average surprise being 3.45%.
Let’s see how things have shaped up before the announcement.
The company’s fiscal third-quarter performance is likely to have benefited from solid growth in subscription revenues amid accelerated cloud migration. The consensus mark for subscription revenues is pegged at $1.3 billion. The accelerated digital transformation taking place across all industries is driving the demand for Autodesk’s cloud solutions.
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 Zacks Consensus Estimate for the AutoCAD and AutoCAD LT product family’s third-quarter revenues is pegged at $383 million.
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.
Gains from Autodesk Build, a field management solution and part of the Autodesk Construction Cloud, are expected to have contributed to the to-be-reported quarter's top line as the company has been witnessing steady traction with owners, general contractors and subcontractors across the construction industry.
The Zacks Consensus Estimate for the Media & Entertainment, Manufacturing and Other product family’s third-quarter revenues is pegged at $68 million, $275 million and $20.28 million, respectively.
However, inflationary pressures, foreign exchange movements, labor shortages and macroeconomic headwinds might have impacted ADSK’s fiscal third-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 currently carries a Zacks Rank of #4 (Sell) and has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With the Favorable Combination
Here are some stocks worth considering, as our model shows that these have the right combination of elements to beat on earnings this season.
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Autodesk (ADSK) to Report Q3 Earnings: What's in Store?
Autodesk (ADSK - Free Report) is scheduled to report third-quarter fiscal 2024 results on Nov 21.
The company anticipates revenues between $1.38 billion and $1.395 billion for the fiscal third quarter. The Zacks Consensus Estimate for the same is pegged at $1.39 billion, suggesting growth of 8.42% from the year-ago quarter.
Autodesk projects non-GAAP earnings in the band of $1.97-$2.03 per share. The Zacks Consensus Estimate for the same is pegged at $1.99 per share, indicating a 17.06% year-over-year rise.
Autodesk’s earnings beat the Zacks Consensus Estimate twice in the trailing four quarters, while matching the same twice, the average surprise being 3.45%.
Let’s see how things have shaped up before the announcement.
Autodesk, Inc. Price and EPS Surprise
Autodesk, Inc. price-eps-surprise | Autodesk, Inc. Quote
Factors to Note
The company’s fiscal third-quarter performance is likely to have benefited from solid growth in subscription revenues amid accelerated cloud migration. The consensus mark for subscription revenues is pegged at $1.3 billion. The accelerated digital transformation taking place across all industries is driving the demand for Autodesk’s cloud solutions.
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 Zacks Consensus Estimate for the AutoCAD and AutoCAD LT product family’s third-quarter revenues is pegged at $383 million.
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.
Gains from Autodesk Build, a field management solution and part of the Autodesk Construction Cloud, are expected to have contributed to the to-be-reported quarter's top line as the company has been witnessing steady traction with owners, general contractors and subcontractors across the construction industry.
The Zacks Consensus Estimate for the Media & Entertainment, Manufacturing and Other product family’s third-quarter revenues is pegged at $68 million, $275 million and $20.28 million, respectively.
However, inflationary pressures, foreign exchange movements, labor shortages and macroeconomic headwinds might have impacted ADSK’s fiscal third-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 currently carries a Zacks Rank of #4 (Sell) and has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With the Favorable Combination
Here are some stocks worth considering, as our model shows that these have the right combination of elements to beat on earnings this season.
Costco Wholesale (COST - Free Report) has an Earnings ESP of +4.26% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Costco is set to announce its first-quarter fiscal 2024 results on Dec 14. Shares of COST have gained 29.6% year to date.
Synopsys (SNPS - Free Report) has an Earnings ESP of +0.94% and a Zacks Rank #2 at present.
Synopsys is set to announce its fourth-quarter fiscal 2023 results on Nov 29. Shares of SNPS have declined 24.9% year to date.
Snowflake (SNOW - Free Report) has an Earnings ESP of +67.33% and a Zacks Rank #2 at present.
Snowflake is set to announce its third-quarter fiscal 2024 results on Nov 29. Shares of SNOW have rallied 86% year to date.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.