This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Ahead Of The Bell: Intuit Updates On Tax Season

By The Associated Press

Intuit Inc. reported tax season data so far that looks "ok, not great," according to a Jefferies analyst who said the software maker appears to be planning for a strong finish to the year based on its forecast for consumer tax revenue growth.

The Mountain View, Calif., company said Monday sales of its TurboTax units, not counting Turbo Tax Free File Alliance, rose 1 percent compared to last year.

Intuit's main products include QuickBooks, Quicken and TurboTax, focusing on small business management, payroll processing, personal finance and tax preparation. The company said sales of its TurboTax federal units were flat year over year, but it also noted that tax season started later this year than it normally does.

The Internal Revenue Service began accepting returns Jan. 30, an eight-day delay necessitated by a deal Congress and the White House reached in January on legislation that avoided steering the economy off the so-called fiscal cliff. Intuit also said last month that its fiscal second quarter revenue fell 3 percent due to the late legislation that would result in some sales shifting to its fiscal third quarter.

Company officials said Monday in a statement that they've seen good growth since Jan. 30, and they are expecting a strong end to the season, with millions of Americans still needing to file their taxes.

Analyst Ross MacMillan said in a research note the company launched its customary, end-of-season price hike March 22, about six days earlier than last year, and that should help revenue growth. He maintains a "hold" rating on the shares and a $66 price target.

Intuit will provide another update on its performance in April, at the end of tax season.

Its shares finished at $64.84 per share on Monday. They have traded in a 52-week range of $53.38 to $68.41.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs