Ivy Lessner
SAN FRANCISCO -- Intuit's(INTU Quote - Cramer on INTU - Stock Picks) fourth-quarter loss quadrupled Thursday, but the company issued stronger-than-expected 2009 guidance.
The loss in the company's seasonally slow quarter widened to $61.9 million, or 19 cents a share, from $13.6 million, or 4 cents a share, in the year-ago period. Excluding special charges, Intuit posted a loss of 8 cents a share, in line with analysts' expectations. Revenue at the maker of TurboTax software rose 10.5% to $478.2 million. Analysts were expecting $470 million, according to Thomson Reuters. Intuit shares were off 53 cents, or 1.8%, to $29.50 in extended trading. For the first quarter of fiscal 2009, the Mountain View, Calif. company projected revenue of $480 million to $492 million and a loss of 11 cents to 14 cents a share, excluding special items. Analysts were expecting revenue of $484.1 million and a loss of 11 cents a share, less items. For the full year, Intuit said revenue would range between $3.35 and $3.43 billion. EPS will range from $1.86 to $1.90. Analysts were projecting a top line of $3.34 billion and EPS, less items, of $1.86. The company is moving more deeply into the on-demand market, with plans to offer its QuickBooks small-business software as a hosted service in coming months. In tax software, Intuit competes with H&R Block(HRB Quote - Cramer on HRB - Stock Picks), which is due to report earnings in September.
RSS
