S&P 500 (NYSE:SPY) component Intuit Inc. (NASDAQ:INTU) reported net income above Wall Street’s expectations for the third quarter. Intuit provides business and financial management solutions for businesses, consumers, accounting professionals and financial institutions.
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Intuit Earnings Cheat Sheet for the Third Quarter
Results: Net income for Intuit Inc. rose to $734 million ($2.42 per share) vs. $688 million ($2.20 per share) in the same quarter a year earlier. This marks a rise of 6.7% from the year-earlier quarter.
Revenue: Rose 5.2% to $1.95 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Intuit Inc. reported adjusted net income of $2.51 per share. By that measure, the company beat the mean estimate of $2.39 per share. Analysts were expecting revenue of $1.96 billion.
Quoting Management: “Small business and consumer tax delivered 11 percent revenue growth year to date – a solid performance overall,” said Brad Smith, Intuit’s president and chief executive officer.
Revenue has risen the past four quarters. Revenue increased 16.1% to $1.02 billion in the second quarter. The figure rose 11.7% in the first quarter from the year earlier and climbed 10.4% in the fourth quarter of the last fiscal year from the year-ago quarter.
The company has now beaten analyst estimates for three quarters in a row. It beat the mark by 5 cents in the second quarter and by 2 cents in the first quarter.
Looking Forward: For the next quarter, analysts are increasingly pessimistic about the company’s performance. The average estimates for the fourth quarter is at a loss of 4 cents per share, down from 2 cents ninety days ago. For the fiscal year, the average estimate has moved up from $2.57 a share to $2.59 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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