Autodesk Ups Guidance, Stock Rallies

Autodesk (ADSK), which is holding a meeting with analysts today, this morning raised its guidance for its fiscal first quarter ending this month, the second quarter ending in July and for all of the January 2009 fiscal year. The stock is moving higher on the news.

The strong numbers are a nice surprise, given disappointing Q4 results which raised worries about how the CAD software company would fare in a weakening economic environment. But this morning, it put those concerns at least temporarily to rest.

• For Q1, the company now sees revenue of $590 million to $595 million, up from previous guidance of $575 million to $585 million, with non-GAAP EPS of 47-48 cents, up from 46-48 cents.
• For Q2, Autodesk sees revenue of $600 million to $610 million, up from $590 million, with non-GAAP EPS of 52-54 cents, up from 50 cents.
• For the full year, Autodesk sees revenue of $2.45 billion to $2.5 billion, up from $2.425 billion to $2.475 billion, with non-GAAP EPS of $2.20 to $2.30, up from $1.75 to $1.85.

The company said in a statement that its international markets remain strong, and that its business in the Americas is consistent with the performance in the January quarter.

Autodesk bought back $257 million worth of stock in the quarter, purchasing 8 million shares at an average price of $32.06 a share.

At one point this morning, ADSK was up $2.21, or 6.2%, to $37.78.