Updated from 4:46 p.m. ET to include latest share prices, additional information about Canadian Solar and Cheesecake Factory. NEW YORK ( TheStreet) -- Shares of Intuit ( INTU - Get Report) rose in late trades on Tuesday after the business software maker topped Wall Street's profit view for its fiscal second quarter. The Mountain View, Calif.-based company, whose products include the TurboTax and QuickBooks applications, reported non-GAAP earnings of $156 million, or 51 cents a share, for the three months ended Jan. 31 on revenue of $1.02 billion. The average estimate of analysts polled by Thomson Reuters was for a profit of 45 cents a share in the quarter on revenue of $1.01 billion. For its fiscal third quarter ending in April, Intuit sees non-GAAP earnings of $2.47 to $2.55 a share on revenue ranging from $1.95 billion to $1.99 billion. The current analysts' view for the quarter is for a profit of $2.49 a share on revenue of $1.98 billion. The third quarter is the company's biggest each year because of the April 15 deadline to complete income taxes. The stock was last quoted at $59.50, up 3.4%, on volume of nearly 125,000, according to Nasdaq.com. Based on Tuesday's regular-session close at $57.52, the shares are up 9.1% so far in 2012. They had pulled back slightly since hitting a 52-week high of $58.90 on Feb. 3. "We had a strong second quarter and have built solid momentum through the first half of the fiscal year, with revenue growing double-digits, driven by our core businesses. We are on track to deliver the revenue guidance we set for the full year, and we raised our guidance for fiscal 2012 operating income and EPS," said Brad Smith, the company's president and CEO, in a statement. Smith continued: "We are off to a great start in tax. Early indications are positive and we are pleased with how the business is performing so far. Third-party data and our unit sales through Feb. 18 give us confidence that the software category is growing and that we are executing well." For the full year ending in July, Intuit forecast non-GAAP earnings of $2.90 to $2.97 a share on revenue of between $4.185 billion to $4.285 billion. The average estimate of analysts polled by Thomson Reuters is for a profit of $2.92 a share on revenue of $4.235 billion.
Wall Street was bullish ahead of the report with 14 of 21 analysts covering Intuit at strong buy (9) or buy (5), although the 12-month median price target is at $58.75, indicating some trepidation about the valuation with the forward price-to-earnings multiple sitting at 17.3X at current levels. Check out TheStreet's quote page for Intuit for year-to-date share performance, analyst ratings, earnings estimates and much more.