Intuit Inc Reports Earnings Surpassing Expectations
On Tuesday Intuit Inc. reported its fiscal third quarter results which turned out to be better than expected. The company has also benefited from the sale of its businesses like Demandforce, QuickBase and Quicken for cash of $463 million.
The maker of TurboTax software raised its revenue guidance for the year along with the adjusted earnings per share. Intuit now expects its revenue for the fiscal year in range of $4.66 billion to $4.68 billion and the adjusted earnings to be in the range of $3 to $3.65 per share.
Earlier, the Mountain View, California based company projected sales that ranged between $4.53 and $4.61 billion and the earnings range was of $3.45 and $3.50 a share.
In the ongoing quarter, the software company expects to earn revenue between $720 and $740 million with a rough breakeven for the adjusted earnings per share. According to the analysts estimates the revenue will be $719 million with an adjusted loss of one penny per share. Typically, the bulk of the company's earnings are collected during tax season and it generally posts losses in the quarter that's an off-tax-season. The company announced in March it has found private-equity firm HIG Capital as a buyer for Quicken segment.
In the most recent quarter, the company reported profit of $1.03 billion or $3.94 per share as compared to $501 million or $1.78 per share one year back.