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Autodesk swings to loss in fiscal Q1

Autodesk Inc. said its normalized net income for the fiscal first quarter ended April 30 was a loss of 30 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 14 cents per share.

The per-share result swung to a loss from the prior-year profit of 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $66.7 million, compared with income of $13.0 million in the year-earlier period.

The normalized profit margin dropped to negative 12.4% from 2.0% in the year-earlier period.

Total revenue declined 20.8% year over year to $511.9 million from $646.5 million, and total operating expenses fell on an annual basis to $614.6 million from $625.0 million.

Reported net income came to a loss of $172.8 million, or a loss of 77 cents per share, compared with income of $18.5 million, or 8 cents per share, in the year-earlier period.