Intuit: Fiscal 1Q Earnings Snapshot
MOUNTAIN VIEW, Calif. (AP) _ Intuit Inc. (INTU) on Monday reported fiscal first-quarter net income of $34 million, after reporting a loss in the same period a year earlier.
The Mountain View, California-based company said it had profit of 13 cents per share. Earnings, adjusted for one-time gains and costs, were 29 cents per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The maker of TurboTax, QuickBooks and other accounting software posted revenue of $1.02 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $969.2 million.
For the current quarter ending in February, Intuit expects its per-share earnings to range from 85 cents to 88 cents.
The company said it expects revenue in the range of $1.47 billion to $1.49 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.43 billion.
Intuit expects full-year earnings in the range of $6.40 to $6.50 per share, with revenue ranging from $6.53 billion to $6.63 billion.
Intuit shares have risen 25 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. In the final minutes of trading on Monday, shares hit $197.81, an increase of 26 percent in the last 12 months.