Intuit’s fiscal Q2 Earnings Look Good Heading Into Tax Season

Via: ZD Net

By Rachel King | February 21, 2013

With tax season well underway, Intuit published its earnings report for the second fiscal quarter after the bell on Thursday.

The small business and accounting software provider reported fourth quarter earnings of $71 million, or 23 cents a share (statement). Non-GAAP earnings were 33 a share on a revenue of $968 million.

Intuit added the caveat that revenue was adjusted — and would have been 10 percent higher — due to an estimated shift in tax revenue from the second to the third fiscal quarter due to late legislation and Internal Revenue Service delays.

Wall Street was expecting Intuit to report fiscal second quarter earnings of 30 cents a share on revenue of $963.2 billion.

The Mountain View, Calif.-based company also released its first of three season-to-date updates for its fiscal year 2013 consumer tax offerings.

While TurboTax Online sales jumped by 32 percent annually in early February, total TurboTax federal units have been down 7 percent as of February 16 compared to the same period last year.

Read more: here

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