Intuit Affirms Guidance - TheStreet

Intuit Affirms Guidance

The accounting software maker says it is still expected to lose 29 cents to 33 cents a share.
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Accounting software maker


(INTU) - Get Report

reaffirmed guidance for its first-quarter and fiscal-year 2004 on Tuesday, after the bell, in advance of its annual analyst day.

The Mountain View, Calif.-based company confirmed that it is still expecting a first-quarter net loss of 29 cents to 33 cents per share on revenue ranging from $225 million to $235 million. That represents year-over-year revenue growth of 6% to 10%.

The consensus estimate gathered by Thomson First Call forecast Intuit would lose 27 cents a share on $232.5 million in revenue in the fiscal first quarter, which ends Oct. 31.

Intuit expects a pro forma net operating loss of $85 million to $95 million and GAAP operating loss of $104 million to $94 million for the first quarter.

Intuit, maker of TurboTax software, reiterated guidance for fiscal year 2004, which ends July 31, 2004. It is projecting revenue of $1.85 billion to $1.95 billion in 2004, representing year-over-year organic growth of 12% to 18%. The company has projected pro forma earnings would range from $1.57 to $1.67 in fiscal year 2004, representing growth of 13% to 20%.

Analyst forecasts call for Intuit to earn $1.62 a share on $1.9 billion in revenue in fiscal year 2004.

On a GAAP basis, earnings are expected to be $1.47 to $1.57 in fiscal 2004, down 4% to 10% from 2003, which included net income and gains from discontinued operations of nearly $80 million.

Pro forma operating income was forecast to range from $480 million to $510 million, growing 20% to 28% over 2003. And GAAP operating income is expected to range from $449 million to $479 million, up 31% to 40% over fiscal year 2003.

Intuit typically generates the bulk of its revenue and profits in the second and third quarters, which end in January and April. The company's Analyst Day was scheduled to begin at 1:30 p.m. Wednesday. Shares of Intuit rose 98 cents, 2%, to $49.22 in regular trading. In after-hours trading, shares fell 1.3%.