reaffirmed fiscal-year earnings guidance but said it won't hit targets for walk-in tax preparation and the shares were moving lower in the premarket.
The Kansas City tax preparation and mortgage company said it expects to earn $3.10 to $3.25 a share for the year, including various charges. Excluding the charges, it will earn $3.37 to $3.52 a share, compared with the First Call estimate of $3.46.
In the Jan. 1 through March 15 period, the company said tax office traffic fell 2.9% from the previous year, but because of higher average fees and the performance of its online and software segments, tax preparation revenue rose 4.4% to $1.5 billion.
"While we are not likely to reach our target for growth in tax office clients, the mix of clients that we are serving represents a more complex filer, resulting in revenues per client that are above our previous expectation," the company said.
The shares were down about 4% to $42.66 in the Instinet premarket session.