H&R Block Rises After Earnings Beat

H&R Block(HRB Quote) shares jumped nearly 10% Monday after the tax preparer reported a solid fourth quarter with revenues jumping 11% to $2.6 billion.

The company recorded net profit for the quarter at $1.66 per share -- a big improvement over the previous year's loss of 26 cents per share. Factoring out its former Option One mortgage unit, H&R Block earned $691.1 million, or $2.11 a share, vs. $591.2 million, or $1.81 a share, in the year-ago period. This easily beat the consensus expectation of $2.03 a share reported by Thomson Reuters.

"During fiscal 2008, H&R Block served the tax needs of 23.5 million clients, the highest level in our history," Chairman Richard Breeden said in a company statement. "Full-year earnings per share from continuing operations exceeded our expectations, and reflect the best tax season for H&R Block since 1999." ...