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Intuit Beats First-Quarter Estimates


(INTU) - Get Intuit Inc. Report

beat estimates for the first quarter as the company's Quicken Loans mortgage business was profitable and revenue rose 6% from a year ago.

Intuit reported a loss for the quarter of $21.4 million, or 10 cents a share, which excludes charges and other items. Analysts expected the company to lose 16 cents a share for the quarter, according to

First Call/Thomson Financial

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In the year-ago quarter, Intuit reported a pro forma loss of $25.3 million, or 13 cents a share.

Revenue for the quarter rose to $187.5 million from $176.9 million a year ago.

For the fiscal year, Intuit expects revenue growth of 22%, which translates into a range of $1.32 billion to $1.34 billion, and pro forma operating income of $202 million to $208 million. Wall Street expects the company to earn 81 cents a share for the year.

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