Stock Monitor: Adobe Systems Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 21, 2018 / If you want access to our free earnings report on Intuit Inc. (INTU), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=INTU. The Company reported its financial results on May 22, 2018, for the third quarter of the fiscal year 2018, ended April 30, 2018. The Company surpassed analysts' consensus estimates for earnings and revenues for Q3 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For Q3 FY18, Intuit's total net revenues reached $2.93 billion, reflecting an increase of 15.11% from $2.54 billion in Q3 FY17, led by a double-digit growth in both the Consumer Group and the Small Business and the Self-Employed Group. The Company's revenue numbers exceeded analyst consensus estimates of $2.84 billion. During the quarter under review, Intuit's product revenues jumped 8.14% to $505 million on a y-o-y basis, while its service and other revenues advanced 16.68% to $2.42 billion on a y-o-y basis.
Intuit finished Q3 FY18 with over 3.2 million QuickBooks Online subscribers, up 45% on a y-o-y basis. The Company's Self-Employed subscribers within QuickBooks Online reached 683,000 in Q3 FY18, up from 360,000 one year ago.
During Q3 FY18, Intuit's total costs and expenses were $1.31 billion, 19.42% higher than $1.10 billion in Q3 FY17. Intuit's cost of sales increased 28.27% to $304 million in Q3 FY18 from $237 million in Q3 FY17. For the reported quarter, the Company's selling and marketing expenses jumped 17.56% to $549 million on a y-o-y basis, and research and development (R&D) expenses increased 20.33% to $296 million on a y-o-y basis. Intuit's operating income was $1.62 billion in Q3 FY18, up 11.84% from $1.44 billion in Q3 FY17.
For the quarter ended April 30, 2018, Intuit's net income was $1.20 billion, 24.48% higher than $964 million in Q3 FY17. The Company's diluted net earnings per share (EPS) also jumped 24.05% to $4.59 in the quarter under review from $3.70 in the year ago same quarter. Intuit's reported earnings included share-based compensation expenses; amortization of acquired technology and other acquired intangible assets; and other income from divested businesses and the tax act impact. Excluding these non-recurring items, the Company's adjusted diluted EPS was $4.82 in Q3 FY18, 23.59% higher than $3.90 in Q3 FY17, and exceeding analysts' consensus estimates of $4.67.
Intuit's Small Business & Self-Employed Group segment reported revenues of $759 million in Q3 FY18, up 15.70% on a y-o-y basis. The segment had an operating income of $292 million in the reported quarter, an increase of 5.80% from $276 million in the previous year's comparable quarter.
Intuit's Consumer segment's revenues were $2.04 billion in Q3 FY18, 15.04% higher than in the prior year's corresponding quarter. The segment had an operating income of $1.64 billion in Q3 FY18, up 14.49% from $1.43 billion in Q3 FY17.
Intuit's Strategic Partner segment had total revenues of $131 million in Q3 FY18, an increment of 12.93% from Q3 FY17. The segment's operating income advanced 21.92% to $89 million in the quarter under review from $73 million in the prior year's same quarter.
Intuit had cash and cash equivalents of $1.61 billion as on April 30, 2018, an increase of 205.10% from $529 million as on July 31, 2017. The Company's long-term debt balance declined 8.68% to $400 million as on April 30, 2018, from $438 million as on July 31, 2017.
For the nine months ended April 30, 2018 (9M FY18), Intuit's cash flow from operating activities was $2.15 billion, 13.76% higher than $1.89 billion in the comparable period of last year. The Company spent $303 million on purchases of corporate and customer fund investments in 9M FY18, up 5.94% from $286 million in 9M FY17.
Intuit distributed dividends and dividend rights worth $305 million in 9M FY18 compared to $265 million in 9M FY17, reflecting an increase of 15.09%. The Company spent $272 million on purchases of treasury stock in 9M FY18, 42.49% lower than $473 million in 9M FY17.
For the fourth quarter of the fiscal year 2018, ending July 31, 2018, Intuit expects GAAP and non-GAAP revenues to be in the range of $940 million to $960 million. The Company expects a GAAP operating loss of $20 million to $30 million, and a non-GAAP operating income of $75 million to $85 million for Q4 FY18. Besides, Intuit expects GAAP diluted EPS of $0.04 to $0.06, and non-GAAP diluted EPS of $0.22 to $0.24 for Q4 FY18.
For the full fiscal year 2018, Intuit expects GAAP and non-GAAP revenues to be in the band of $5.92 billion to $5.94 billion. The Company expects GAAP operating income of $1.55 billion to $1.56 billion, and non-GAAP operating income of $1.95 billion to $1.96 billion for FY18. Besides, Intuit expects GAAP diluted EPS of $4.50 to $4.52, and non-GAAP diluted EPS of $5.51 to $5.53 for FY18.
Intuit's Board of Directors approved a dividend of $0.39 per share for the fourth fiscal quarter of 2018, payable on July 18, 2018.
Stock Performance Snapshot
June 20, 2018 - At Wednesday's closing bell, Intuit's stock climbed 1.38%, ending the trading session at $213.52.
Volume traded for the day: 1.09 million shares.
Stock performance in the last month - up 11.39%; previous three-month period - up 20.86%; past twelve-month period - up 52.33%; and year-to-date - up 35.33%
After yesterday's close, Intuit's market cap was at $55.54 billion.
Price to Earnings (P/E) ratio was at 45.48.
The stock has a dividend yield of 0.73%.
The stock is part of the Technology sector, categorized under the Application Software industry. This sector was up 0.2% at the end of the session.
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