Intuit Alters Guidance Following Tax-Law Changes
February 09 2018 - 8:54AM
Dow Jones News
By Allison Prang
Intuit Inc. (INTU) on Friday lowered some of its fiscal
second-quarter financial targets due to a late opening to the tax
season, but the financial-products company raised its annual
earnings guidance, citing recent changes in U.S. tax laws.
The maker of TurboTax tax-preparation software said it expects
some tax revenue to move to third quarter, and it now expects
second-quarter revenue of $1.16 billion to $1.165 billion. It had
previously expected revenue of $1.16 billion and $1.18 billion.
The company also lowered its forecast for quarterly adjusted
operating income to $115 million to $120 million from a prior range
of $130 million to $140 million.
Intuit said it expects to post a quarterly loss of 8 cents a
share to 9 cents a share for the quarter, compared with its prior
expectation of a profit of 8 cents a share to 11 cents a share. The
new estimate takes into account a $39 million charge related to the
new tax law.
Adjusted earnings, however, are now expected to now fall between
34 cents and 35 cents a share, compared with prior predictions of
between 31 cents and 34 cents a share. Analysts polled by Thomson
Reuters are expecting adjusted earnings of 31 cents a share.
Intuit reports second-quarter earnings on Feb. 22. The company's
second quarter ended Jan. 31.
Intuit also raised some of its fiscal 2018 guidance. The company
now expects to earn between $4.20 a share and $4.30 a share, up
from its earlier forecast of $4.00 a share and $4.10 a share. On an
adjusted basis, Intuit expects to earn between $5.30 a share and
$5.40 a share. It had been expecting to earn between $4.90 a share
and $5.00 a share.
The company reiterated its prior fiscal-year expectations for
revenue and adjusted operating income.
Intuit shares edged up 0.2% premarket and are up 32% in the past
year.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
February 09, 2018 09:39 ET (14:39 GMT)
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