Intuit Trims Second-Quarter View on Sluggish Tax Season
February 08 2017 - 9:23AM
Dow Jones News
By Ezequiel Minaya
Intuit Inc., the maker of TurboTax and QuickBooks, on Wednesday
warned that a later-than usual tax season has cut into its fiscal
second-quarter results, and that revenue and earnings for the
period would be weaker than expected.
Still, Intuit said it expects the delayed revenue will shift to
the third quarter, and the company left its full-year estimates
unchanged.
Intuit said data from the Internal Revenue Service indicates
that tax-preparation season is unfolding at a slower pace, with
total returns processed through Jan. 27 down 33% compared with last
year.
Intuit said it now expects to log revenue for the three months
ended Jan. 31 of $1.01 billion to $1.02 billion, with adjusted
earnings of 24 cents to 25 cents a share. The company had
previously forecast revenue of $1.05 billion to $1.07 billion and
earnings of 33 cents to 36 cents a share.
Intuit also projected quarterly operating income of $15 million
to $20 million, down from $60 million to $70 million
previously.
The company typically collects the bulk of its earnings during
tax season and often posts losses in its off-season quarters.
Shares of the company retreated 3.4% in premarket trading to
$113.50.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
February 08, 2017 09:08 ET (14:08 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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