Intuit Inc. Earnings: Earnings Higher Than Expected
S&P 500 (NYSE:SPY) component Intuit Inc. (NASDAQ:INTU) reported net income above Wall Street’s expectations for the second 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 Second Quarter
Results: Net income for Intuit Inc. rose to $118 million (39 cents per share) vs. $73 million (23 cents per share) in the same quarter a year earlier. This marks a rise of 61.6% from the year-earlier quarter.
Revenue: Rose 16.1% to $1.02 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Intuit Inc. reported adjusted net income of 51 cents per share. By that measure, the company beat the mean estimate of 36 cents per share. Analysts were expecting revenue of $1.01 billion.
Quoting Management: “We had a strong second quarter and have built solid momentum through the first half of the fiscal year, with revenue growing double-digits, driven by our core businesses. We are on track to deliver the revenue guidance we set for the full year, and we raised our guidance for fiscal 2012 operating income and EPS,” said Brad Smith, Intuit’s president and chief executive officer.
The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with a loss of -18 cents versus a mean estimate of a loss of 20 cents per share.
Looking Forward: Over the past ninety days, the average estimate for the third quarter has fallen from $2.49 per share to $2.41, indicating that analysts are growing pessisimistic about the company’s performance next quarter. For the fiscal year, the average estimate has moved down from $2.61 a share to $2.57 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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