Intuit Q2 Drops on IRS Delay; Guidance Raised
Intuit results for fiscal Q2 2013 show the firm collected $968 million in revenue, 3% below the same period the previous year. Net income was $71 million ($0.23 per diluted share), just about 40% lower than Q2 2012's $118 million ($0.39).
The company reported results Thursday.
Intuit said its take was negatively affected by a delay by the IRS in accepting tax returns. Typically, the agency begins accepting them by mid-January, however this year it did not start doing so until Jan. 30.
The company raised its guidance for full-year diluted EPS. It now expects a net profit of $2.96-$3.02 per share, or 14%-16% higher on a year-over-year basis, on revenue of $4.55 billion-$4.65 billion. For its current quarter, the firm anticipates EPS of $2.83-$2.88 and a top line of $2.22 billion-$2.28 billion.
Intuit also declared a quarterly dividend of $0.17 per share to be paid on April 18 to stockholders of record as of April 10. This matches the previous quarterly payout.
The article Intuit Q2 Drops on IRS Delay; Guidance Raised originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Intuit. The Motley Fool recommends Intuit. The Motley Fool owns shares of Intuit. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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