06:28 AM EDT, 06/03/2024 (MT Newswires) -- Autodesk ( ADSK ) shares climbed early Monday after disclosing preliminary fiscal first-quarter results above market estimates, while the software company named a new interim finance chief and said it won't restate previous financial statements following a probe of its accounting practices.

In the beginning of April, an audit committee of the company launched an internal investigation related to its free cash flow and adjusted operating margin procedures for the 2022, 2023 and 2024 fiscal years. The probe caused the firm to delay the filing of its fiscal 2024 annual report.

The investigation found, among other things, that certain decisions about discretionary spending, collections and accounts payable were informed by how they could impact some financial metrics, Autodesk ( ADSK ) said late Friday. Certain payments weren't made to influence executives' compensation, although free cash flow is one factor in the compensation program, according to the company.

The committee proposed a few measures to address the issues, including the review of some processes around financial communications and disclosures, and assessing organizational functions and responsibilities. It also recommended to strengthen policies related to the matters investigated.

"We take situations like this very seriously and are grateful to put the investigation behind us," Chief Executive Andrew Anagnost said in a statement. The company said it is working "diligently" to file its delayed annual report as soon as possible.

Autodesk ( ADSK ) appointed Elizabeth Rafael as its chief financial officer on an interim basis, effective Friday. Rafael takes over from Deborah Clifford, who was shifted to the chief strategy officer role. Clifford has been CFO of the company since March 2021. The stock jumped 7.1% in Monday's premarket activity.

For the quarter ended April 30, Autodesk ( ADSK ) expects adjusted earnings of about $1.87 per share and revenue of roughly $1.42 billion. The current consensus on Capital IQ is for normalized EPS of $1.76 and revenue of $1.39 billion. "In the first quarter of fiscal 2025, we generated broad-based growth in (architecture, engineering and construction) and manufacturing across products and regions," Anagnost said.

The firm now anticipates adjusted EPS to be in a range of $7.99 to $8.21 for fiscal 2025, up from its prior outlook of $7.89 to $8.11. It continues to project total revenue of $5.99 billion to $6.09 billion. The Street is looking for normalized EPS of $8.03 and revenue of $6.04 billion for the year.

Autodesk ( ADSK ) also forecasts adjusted EPS to be between $1.98 and $2.04 for the ongoing three-month period ending July 31, while revenue is pegged at $1.48 billion to $1.49 billion. Analysts are currently estimating normalized EPS of $1.98 and revenue of $1.48 billion.

Price: 215.00, Change: +13.40, Percent Change: +6.65