Join        Login             Stock Quote

Intuit (INTU) Reduces Revenue Guidance On Legislation, IRS Delay

 February 08, 2013 01:14 PM

(By Balachander) Intuit Inc. (NASDAQ: INTU), a provider of tax and payroll processing services, reduced its quarterly revenue forecast due to late start of tax season and expects a shift of tax revenue to third quarter from the second quarter.

The company currently projects revenue between $960 million and $965 million from $1.02 billion to $1.04 billion projected earlier.

Wall Street analysts, on average, expect revenue of $1.03 billion for the three months ended January.

Mountain View, California-based Intuit cited the updated guidance to "the late passage of tax legislation and the Internal Revenue Service's (IRS) delay in opening e-file."

[Related -Intuit Inc. (INTU) Q1 Earnings Preview: What To Watch?]

Usually, the IRS begins accepting returns by mid-January. That, the company noted, did not begin until Jan. 30 this year.

Intuit's flagship products consists of: QuickBooks, Quicken and TurboTax that simplify small business management and payroll processing, personal finance, tax preparation and filing and personal finance.

For the second quarter, Intuit now anticipates that GAAP operating income will be between $85 million and $90 million and non-GAAP operating income of $145 million to $150 million. Its earlier projection called in for GAAP operating income of $130 million to $150 million and non-GAAP operating income of $190 million to $210 million.

For fiscal 2013, the company continues to forecast revenue gain of 10 percent to 12 percent; GAAP and non-GAAP operating income growth between 12 percent and 14 percent.

[Related -Scanning For Stocks With The Highest Consecutive Up Closes In An Uptrend]

For the preceding first quarter, Intuit lost 6 cents a share on revenue of $647 million on a GAAP basis. Non-GAAP loss per share narrowed to 3 cents from 8 cents.

The company will report its second-quarter results on Feb. 21.

On Friday, INTU shares fell 1.12 percent to trade at $61.55 at 1.15 pm ET. The stock has been trading in the 52-week range of $53.38 to $64.47.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageEmerging-Markets Stocks Took The Lead Last Week

Emerging-markets equities enjoyed a solid rise last week among the major asset classes, based on a set of read on...

article imageDoes Your Latest Investment Pass This Test?

On Wednesday, I sounded the alarm about the problems looming for some consumer staples stocks. In short, read on...

article imageIs The Slump In US Manufacturing Easing?

Yesterday’s November survey data from the Philadelphia Fed hints at the possibility that a stronger trend read on...

article imageMarket Potentially Facing Near Term Technical Headwinds

After the S&P 500 Index pullback on Thursday and Friday last week, the market's advance on Monday and read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.