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
 

GAAP
    Non-GAAP
    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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