By April 28, 2011 Read More →

Dassault Systèmes reports strong first quarter

The acquisition of IBM PLM continues to inflate year-over-year comparisons. SolidWorks unit sales set a quarterly record.

Dassault Systèmes (Paris:DSY) reports a strong first quarter, with new license revenue up 31% when measured in constant currencies.

Total revenue for the first quarter of 2011 (ending March 31, 2011) was €409.5 million ($601.3 million), up 29%. Of that, software revenue was €372.2 million ($547 million), while services revenue was €37.3 million ($54.7 million), up 14%. Net income for the quarter was €63.9 million ($93.8 million), up from €37.8 million ($55.5 million) a year earlier.

These year-over-year comparisons do not separate out the impact of the IBM PLM acquisition, which was not a factor in the 1Q2010 results. Dassault says 1Q10 revenue—the last quarter before the IBM PLM acquisition—IBM PLM revenue was €50 million.

PLM software revenue (enterprise products including Catia, Enovia, and Delmia) was €288.1 million ($423 million), up 35%. Mainstream 3D software revenue (primarily SolidWorks) in the quarter was €84.1 million ($123.5 million) up 16%, a quarterly record. This revenue segment is not impacted by the IBM PLM acquisition, and is more in line with industry trends, which show mid-market 3D CAD revenue increases continuing to outperform enterprise-class 3D CAD. We expect Autodesk’s manufacturing division to show similar gains when it reports next month.

By regions:

  • Americas revenue was €112.7 million ($165.5 million), up 22%
  • EMEA revenue was €186.8 million ($274.3 million), up 32%
  • Asia/Pacific revenue was €110 million ($161.5 million), up 31%.

Major wins during the quarter for Dassault included BMW, Jaguar Land Rover, and CLAAS, an agricultural engineering company.

Cash per share on March 31, 2011 was $10.83, down slightly from $13.10 three months ago, and exactly what it was six months ago. Dassault currently has $1.28 billion cash on hand.

Eight charts follow.

Contributing analyst L. Stephen Wolfe, P.E, contributed research for this article.

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About the Author:

Randall S. Newton is Managing Editor of GraphicSpeak. He has been writing about engineering and design technologies for more than 25 years.

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