Intuit Gets Tax Season Boost

Business software maker Intuit has seen its shares rise after posting a better-than-expected third- quarter profit and raising its full-year guidance.
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NEW YORK (TheStreet) -- Intuit (INTU) - Get Report saw its shares rise 4% Friday after the business software maker posted better-than-expected third-quarter numbers after the closing bell Thursday and said its outlook for the rest of the year had improved.

Intuit, which makes Quicken accounting software and TurboTax tax-preparation software, said its online presence allowed it to take market share from companies like

H&R Block

(HRB) - Get Report

and

Jackson Hewitt Tax Service

(JTX)

.

The company now expects full-year earnings of $2.03 to $2.06 a share, up from the $1.97 to $2.04 it had earlier projected. Wall Street analysts had been targeting EPS of $2.02. The company's revenue expectations of about $3.4 billion remained roughly the same.

For the third quarter, Intuit reported net income of $576 million, or $1.78 a share, up from $485 million, or $1.47 a share, the year before. The company attributed the rise to a "great tax season," the return of its small business unit to double-digit growth and strong performance at its financial institutions unit.

Excluding items, Intuit recorded per-share earnings for the quarter of $1.89, exceeding the $1.82 that analysts were expecting, according to Thompson Reuters.

Intuit said its top line grew 13% to $1.6 billion, topping the consensus estimate of $1.55 billion. Revenues at its small business unit and financial services unit rose 13% and 21%, respectively.

-- Reported by Andrea Tse in New York

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