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Intuit 3Q beats estimates; raises full-year view

Thu, 05/19/2011 - 5:05pm
The Associated Press

MOUNTAIN VIEW, Calif. (AP) — Intuit Inc., the maker of tax filing software Turbo Tax, said Thursday that its third-quarter net income rose 19 percent as an increasing number of Americans went online to file income tax returns; Intuit raised its full-year forecast.

Its net income in the three months that ended April 30 rose to $688 million, or $2.20 per share, from $576 million, or $1.78 per share, a year ago.

Excluding stock compensation costs and amortization of intangible assets, adjusted earnings came to $2.33 per share, above the average of $2.27 expected by analysts polled by FactSet.

Revenue rose 15 percent to $1.85 billion from $1.61 billion, also above analysts' forecast. They expected $1.82 billion.

Intuit repurchased $250 million worth of its common shares during the quarter, and it ended the period with 3 percent fewer shares outstanding than it had a year earlier.

The company said it expected fourth-quarter revenue of $567 million to $587 million and adjusted earnings between a loss of 2 cents per share and a gain of 2 cents per share. On average, analysts expected revenue of $587 million and a loss of a penny per share.

For the full year, Intuit raised its revenue forecast to $3.83 billion to $3.85 billion, above the $3.82 billion expected by analysts. It also said adjusted earnings would hit $2.45 to $2.50 per share, above the $2.41 to $2.48 it earlier forecast. Analysts were looking for annual adjusted earnings of $2.46 per share.

Shares dropped $1.70, or 3 percent, to $54.20 in after-hours trading, reversing a gain of $1.62, or 3 percent, during in the regular session, which it ended at $55.90.

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