Autodesk Inc. cut its outlook for profit this year because of stock compensation costs, the design software maker said Thursday after reporting 14 percent profit growth in the fiscal first quarter.
The design software maker now expects to earn $1.78 per share to $1.88 per share in fiscal 2009. Last month, the company forecast profit of $1.81 per share to $1.91 per share.
The new profit forecast assumes higher stock compensation costs. Excluding these and other unusual costs, Autodesk still expects to earn $2.20 per share to $2.30 per share.
Autodesk affirmed its target for sales of $2.45 billion to $2.5 billion this year.
For the fiscal second quarter, Autodesk expects profit of 40 cents to 42 cents per share, compared with a previous estimate of 42 cents to 44 cents per share. The company estimates sales of $600 million to $610 million.
For the fiscal third quarter, the company expects profit of 42 cents to 45 cents per share. Sales are estimated at $605 million to $620 million.
Autodesk shares fell 34 cents to $40.60 in aftermarket trading. they closed at $40.94 in the regular session.
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