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.


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