Autodesk’s AEC Industry business – lookin’ good!

Autodesk reported its Q3 financial results, yesterday after the market closed.  (Autodesk shares are up approximately 5% today).

This morning, seekingalpha.com posted a transcript of yesterday’s earnings call.  Below, you will find a few excerpts from that transcript - Carl Bass’ comments about AutoDesk’s AEC business:

Carl Bass - Chief Executive Officer, President and Director

Thanks, Dave, and good afternoon, everyone. Our third quarter results were driven by strength in our core AEC and Manufacturing segments, as well as continued strong adoption of our suites.

Our AEC business continues to perform well, driven by what looks to be a broad-based recovery in the commercial construction market. As we highlighted at our Investor Day last month, the construction vertical represents a significant opportunity, and we continue to gain momentum in that market. We also continue to broaden our BIM portfolio. Last quarter, we closed a couple of small acquisitions, bringing our BIM tools that further are -- that further support our infrastructure projects. We're also pleased with the adoption and usage of BIM 360. The anecdotal feedback we hear from our construction industry customers suggests it is the dawn of a new area in construction technology.

Our highlight for the quarter was that we signed our biggest ever BIM 360 enterprise agreement worth over $1.5 million. This existing customer renewed its agreement with Autodesk for about 20% more in total billings than their previous contract. They will deploy BIM 360 as part of their strategic goal to transform their business and increase their competitive advantage. This is exactly the type of transaction that supports our long-term growth assumptions. We've only scratched the surface of the construction industry, and we're well-positioned to tap further into that $7 trillion market.