Banking

Tax Software Leader Intuit Edges Earnings Target On In-Line Sales

Financial software firm Intuit (INTU) late Tuesday edged Wall Street’s earnings target on in-line sales for its fiscal third quarter. It also guided higher for the current quarter. Intuit stock rose in extended trading.




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The Mountain View, Calif.-based company earned an adjusted $6.07 a share on sales of $4.17 billion in the quarter ended April 30. Analysts expected Intuit earnings of $6.04 a share on sales of $4.17 billion, according to Zacks Investment Research. On a year-over-year basis, Intuit earnings rose 35% while sales climbed 39%.

On May 11, Intuit warned that revenue and operating income for its fiscal third quarter would be lower than expected due to the extension of the IRS tax filing deadline to May 17. For the second year in a row, the Internal Revenue Service delayed the tax filing deadline because of disruptions caused by the Covid-19 pandemic.

Intuit makes TurboTax tax preparation software as well as QuickBooks, Mint and Credit Karma products.

Intuit Reports ‘Great Tax Season’

“We had a great tax season, growing our share of total tax returns and executing our strategy of expanding our lead in the DIY (do-it-yourself) category and transforming the assisted category,” Chief Executive Sasan Goodarzi said in a news release.

For the current quarter ending July 31, Intuit expects to earn an adjusted $1.58 a share on sales of $2.31 billion. That’s based on the midpoint of its guidance. Analysts were looking for Intuit earnings of 78 cents a share on sales of $1.81 billion in its fiscal fourth quarter, Zacks said. In the year-earlier period, Intuit earned $1.81 a share on sales of $1.82 billion.

Intuit Stock Rises On Earnings News

In after-hours trading on the stock market today, Intuit stock climbed 0.7%, near 442. During the regular session Tuesday, Intuit stock dipped 0.3% to 438.99.

On May 18, Intuit stock hit a buy point of 422.87 out of a cup-with-handle base, according to IBD MarketSmith charts. The 5% chase zone of its breakout extends to 444.01.

Intuit stock is in the IBD Long-Term Leaders Portfolio.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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