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Autodesk Enters the Index
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In its quarterly rebalance of the Cleantech Index (CTIUS) the Cleantech Group has announced the entry of Autodesk (ADSK).
This California-based company provides 2D and 3D design and prototyping software that enables architects, engineers and industrial designers to visualize and analyze the performance of their ideas early in the design process, thereby eliminating much waste.
In the six months to July 2008, company revenues rose 18 per cent to $1.2 billion, with net income up five per cent to $184.4 million. However, on a quarter-by-quarter basis, July 2008 net income dipped two per cent to $89.8 million.
The company also provides non-GAAP figures, and on this basis July quarter diluted EPS jumped 27 per cent to $0.56.
The company is cash heavy, with the July balance sheet revealing $930 million in cash and cash equivalents and borrowings of only $120 million.
The better-than-expected results, announced in mid-August, sent the shares up.
Autodesk has a lot going for it. It has provided stable earnings growth, thanks especially to its strength in 3D systems, which grew 31 per cent in the July quarter, to comprise 27 per cent of total turnover.
A particular feature of the company's business is the use of its software in the creation of numerous Hollywood movies, including "The Chronicles of Narnia: Prince Caspian" and "Journey to the Center of the Earth".
It is also realizing particularly strong growth abroad, with revenues from what it calls "emerging economies" up 40% in the July quarter, thanks especially to building booms in China and the Middle East. There was also a favorable impact from a weak dollar.
Autodesk should continue to grow. But it is vulnerable to economic slowdown. And its growing strength overseas means that it will be hurt by the recent strength of the dollar. Caution is recommended.
September 30th, 2008
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