This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Intuit Grows First-quarter Revenue 12 Percent; Reiterates Full-year Guidance

Stock Repurchase Program

Intuit repurchased $100 million of its common stock during the first quarter of fiscal 2013. At the end of the quarter the current authorization had $1.6 billion remaining for stock repurchases through August 2014.

CFO Perspective

“We delivered a strong financial performance this quarter, with small business reporting customer growth in payments, QuickBooks Online and Demandforce. Our cloud-based subscriptions are really leading the way,” said Neil Williams, Intuit’s chief financial officer. “All of our Small Business segments delivered double-digit growth, even with our own and external indicators pointing to slow growth in the sector.”

“As we’ve said, the tables are set for late tax legislation, which could impact the availability of tax forms and push Consumer Tax and Accounting Professionals revenue from our second fiscal quarter to our third quarter. We’ve assumed the impact is $50 million to $75 million in revenue and $0.10 to $0.15 in earnings per share. To provide additional transparency into our expected results, we are providing revenue and earnings per share guidance ranges for the third and fourth quarters,” said Williams.

Forward-looking Guidance

Intuit reiterated guidance for full fiscal year 2013, which ends July 31, and expects:

  • Revenue of $4.55 billion to $4.65 billion, growth of 10 to 12 percent.
  • GAAP operating income of $1.315 billion to $1.345 billion, growth of 12 to 14 percent.
  • Non-GAAP operating income of $1.57 billion to $1.60 billion, growth of 12 to 14 percent.
  • GAAP diluted EPS of $2.76 to $2.82, growth of 6 to 8 percent.
  • Non-GAAP diluted EPS of $3.32 to $3.38, growth of 12 to 14 percent.

For the second quarter of fiscal 2013, Intuit expects:

  • Revenue of $1.02 billion to $1.04 billion.
  • GAAP operating income of $130 million to $150 million.
  • Non-GAAP operating income of $190 million to $210 million.
  • GAAP diluted earnings per share of $0.27 to $0.30.
  • Non-GAAP diluted EPS of $0.40 to $0.43.

Intuit also provided revenue and earnings per share guidance ranges for the second half of the fiscal year to provide additional transparency into expected results.

3 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,161.99 +120.45 0.67%
S&P 500 2,121.10 +16.90 0.80%
NASDAQ 5,090.1370 +57.3860 1.14%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs