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Intuit beats 2Q profit forecasts

MOUNTAIN VIEW, Calif. (AP) _ Intuit Inc. (INTU) on Thursday reported fiscal second-quarter profit of $13 million.

The Mountain View, California-based company said it had profit of 5 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were 26 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The maker of TurboTax, QuickBooks and other accounting software posted revenue of $1.02 billion in the period, meeting Street forecasts.

For the current quarter ending in May, Intuit said it expects revenue in the range of $2.5 billion to $2.55 billion. Analysts surveyed by Zacks had expected revenue of $2.45 billion.

The company expects full-year earnings to be $3.47 to $3.57 per share, with revenue ranging from $4.5 billion to $5.1 billion.

Intuit shares have increased slightly more than 5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 5.5 percent. In the final minutes of trading on Thursday, shares hit $120.83, a climb of 24 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on INTU at https://www.zacks.com/ap/INTU


Keywords: Intuit, Earnings Report