Intuit Lowers Q2 Outlook Due to Late Tax Season (INTU)
Financial management solution provider, Intuit Inc.(INTU) announced after the bell on Thursday that they have cut their Q2 outlook.
The company has reduced their second quarter forecast from $965 million to $960 million, which falls below analysts estimate of $1.03 billion.
Intuit said that the decision made by the IRS to push back the tax season hurt the company’s quarter, but some of their revenue will be pushed into the third quarter.
Intuit’s consumer products general manager Dan Maurer noted that the company “expects an additional shift of tax revenue and GAAP and non-GAAP operating income from its second fiscal quarter to its third fiscal quarter due to the late passage of tax legislation and the Internal Revenue Service’s delay in opening e-file.”
Maurer also added, “the season began substantively later this year than prior years, but the initial results we’ve seen in early February give us confidence that we are on track.”
For FY2013, the company expects to see revenue increase 10-12%, and GAAP operating income to grow by 12-14%.
Intuit shares were down 66 cents, or -1.05% during premarket trading Friday. The stock has increased 6% in the past year. The Bottom Line
Shares of Intuit Inc.(INTU) have a 1.09% yield, based on Thursday’s closing price of $62.25.
Intuit Inc.(INTU) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.