Intuit Second-quarter Revenue Tops $1 Billion For First Time; Raises Fiscal Year Operating Income And EPS Guidance

Intuit Inc. (Nasdaq:INTU) today announced financial results for its second fiscal quarter, which ended Jan. 31. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period.

Second-quarter Highlights:
  • Increased total revenue by 16 percent, to $1.02 billion.
  • Grew Small Business revenue 9 percent in the quarter and 11 percent for the first half of fiscal 2012. Growth has been driven by strong adoption of connected services and improving revenue per customer.
  • Launched TurboTax 2011 and SnapTax to positive industry and user reviews. Grew total TurboTax federal units 10 percent season-to-date through Feb. 18. Reiterated full-year guidance for consumer tax revenue growth of 10 to 13 percent.
  • Increased connected services total revenue to 60 percent of total revenue in the first half of fiscal 2012, up from 54 percent in the first half of last year.
  • Reiterated fiscal year 2012 guidance for revenue and raised operating income and earnings per share guidance.

Snapshot of Second Quarter Results

    Q2 FY12   Q2 FY11   Change     Q2 FY12   Q2 FY11   Change
Revenue   $ 1,019   $ 878   16 %     $ 1,019   $ 878   16 %
Operating Income   $ 192   $ 111   73 %     $ 249   $ 164   52 %
Diluted EPS   $ 0.39   $ 0.23   70 %     $ 0.51   $ 0.32   59 %

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).

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