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Intuit Reports Second-Quarter Results; Increases Full-Year EPS Guidance

Stocks in this article: INTU

Intuit Inc. (Nasdaq: INTU) today announced financial results for its second fiscal quarter, which ended Jan. 31, and reiterated revenue and operating income guidance for the full fiscal year 2013. The company also increased earnings per share guidance to reflect the benefit of the R&D tax credit.

Unless otherwise noted, all growth rates refer to the current fiscal period versus the comparable prior-year period. Where applicable, the business metrics and associated growth rates refer to worldwide business results.

Highlights

  • Recorded second-quarter revenue of $968 million, down 3 percent from last year and in line with the revised outlook provided on Feb. 7. Adjusting for the estimated shift in tax revenue from the second to the third fiscal quarter due to late legislation and Internal Revenue Service delays, revenue growth would have been approximately 10 percent.
  • Gained momentum with its connected services strategy; 45 million of Intuit’s 60 million customers are using the company’s hosted solutions.
  • Increased total Small Business Group revenue 16 percent for the quarter, led by online customer growth in Payment Solutions and Financial Management Solutions, including Demandforce.
  • Expects third-quarter revenue of $2.215 billion to $2.275 billion, growth of 15 to 18 percent.
  • Reiterated revenue and operating income outlook and increased earnings per share, or EPS, guidance for full fiscal year 2013.

Snapshot of Second-quarter Results

GAAP   Non-GAAP
    Q2

FY13

  Q2

FY12

 

Change

  Q2

FY13

  Q2

FY12

 

Change

Revenue   $968   $999   (3)%   $968   $999   (3)%
Operating Income   $93   $195   (52%)   $153   $251   (39%)
EPS   $0.23   $0.39   (41%)   $0.33   $0.52   (37%)

Dollars are in millions, except earnings per share (EPS). See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP). All figures in the table above have been reclassified to reflect Intuit Websites as discontinued operations and to exclude its results from non-GAAP EPS.

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