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Earnings Results: Intuit outlook tops Wall Street view

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Intuit Inc. shares ticked higher in the extended session Tuesday after the tax-software company’s quarterly results met a recently altered guidance and its outlook topped Wall Street estimates.

Intuit
INTU,
-0.32%

shares rose 1.4% after hours, following a 1.4% decline in the regular session to close at $438.99.

Two weeks ago, the company said it expected to surpass its yearly outlook, while lowering its third-quarter revenue outlook to around $4.17 billion, down from its prior forecast of between $4.61 billion and $4.66 billion because of the tax filing extension to May 17.

Intuit forecast fiscal fourth-quarter earnings of 78 cents to 83 cents a share on a revenue gain of 26% to 28%, or $2.29 billion to $2.32 billion for the fiscal fourth quarter. Analysts surveyed by FactSet had estimated 35 cents a share on revenue of $1.81 billion for the fourth quarter.

For the year, Intuit now expects earnings of $9.32 to $9.37 a share on revenue of $9.36 billion to $9.4 billion for the year. Analysts expect $8.47 a share on revenue of $9.07 billion for the year.

The company reported fiscal third-quarter net income of $1.46 billion, or $5.30 a share, compared with $1.08 billion, or $4.11 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $6.07 a share, compared with $4.49 a share in the year-ago period.

Revenue rose to $4.17 billion from $3 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast $6.56 a share on revenue of $4.48 billion for the fiscal third quarter.

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