Autodesk names board member as interim CFO, posts prelim revenue above estimates

(Reuters) - Autodesk appointed board member Elizabeth Rafael as its interim chief financial officer on Friday and reported preliminary first-quarter revenue above analysts' expectations, sending its shares up 8% in extended trading.

Deborah Clifford, who previously served as Autodesk's CFO, will take up the role of chief strategy officer. The two appointments will take effect immediately.

Autodesk reported preliminary first-quarter revenue of around $1.42 billion, above analysts' expectations of $1.39 billion, according to LSEG data.

Rafael has previously served as the chief transformation officer at GoDaddy from 2018 to 2019 and has also held positions at Apple including vice president and corporate controller.

She remains a director of Autodesk and has stepped down from the company's audit committee.

Autodesk also said there will not be a restatement or adjustment of any financial statements after the findings of the audit committee's investigation into the company's free cash flow and non-GAAP operating margin practices.

"We appreciate your patience as we work through this important process. We take situations like this very seriously and are grateful to put the investigation behind us," said CEO Andrew Anagnost.

Autodesk provides 3D design and engineering solutions for several sectors including construction, manufacturing and media. Its portfolio of products include Revit and Fusion 360 software.

Preliminary adjusted earnings per share came in at around $1.87. Analysts were expecting $1.74.

The company also nudged up its expectations for full-year EPS to a range of $7.99 to $8.21, from $7.89 to $8.11.

Autodesk said it is working on filing its delayed annual report soon and holding an earnings call to discuss its first-quarter results.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Maju Samuel)

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