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S&P 500 (NYSE:SPY) component Intuit Inc.’s (NASDAQ:INTU) first quarter loss narrowed, beating estimates. Intuit provides business and financial management solutions for businesses, consumers, accounting professionals and financial institutions.
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Intuit Inc. Earnings Cheat Sheet
Results: Loss narrowed to $19 million (loss of 6 cents per diluted share) from $64 million (loss of 21 cents per share) in the same quarter a year earlier.
Revenue: Rose 12.5% to $647 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Intuit Inc. reported an adjusted net loss of 3 cents per share. By that measure, the company beat the mean analyst estimate of a loss of 17 cents per share. It fell short of the average revenue estimate of $1.96 billion.
Quoting Management: “We’re off to a strong start in fiscal year 2013. We grew first-quarter revenue 12 percent, and we’re reiterating our guidance of double-digit top-line and bottom-line growth for the full fiscal year,” said Brad Smith, Intuit’s president and chief executive officer. “While we’re not completely insulated from the challenges of the macro-environment, we have proven to be resilient, and we continue to execute against principles that guide us through tough times. We also refreshed our connected services strategy to capitalize on structural shifts occurring in the market that will serve as growth catalysts. Our mobile products are contributing meaningful growth, with around half of our mobile customers new to the franchise, which is expanding our market reach and our category growth. Looking ahead, we’re building on a strong foundation while reimagining our products to capitalize on a rapidly changing environment. With big market opportunities in front of us, and the tailwind of technology adoption at our backs, we expect to deliver strong results for quarters and years to come,” Smith said.
The company’s loss in the latest quarter follows profits in the previous three quarters. The company reported a profit of $4 million in the fourth quarter of the last fiscal year, a profit of $734 million in the third quarter of the last fiscal year and $118 million in the second of the last fiscal year.
The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with a loss of 8 cents versus a mean estimate of a loss of 4 cents per share.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from 49 cents a share to 50 cents over the last thirty days. For the fiscal year, the average estimate has moved down from $2.98 a share to $2.95 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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