will meet first-quarter and fiscal 2005 financial targets, the tax-preparation software vendor announced after the closing bell on Wednesday.
The company reaffirmed earlier guidance during its annual investor day in Los Angeles, saying it expects a net loss of 28 cents to 32 cents per share in the October quarter, wider than its loss of 27 cents a share last year, according to generally accepted accounting principles. Sales should range from $251 million to $263 million, representing growth of 5% to 10%.
Mountain View, Calif.-based Intuit said it typically posts a seasonal loss in its first quarter, when it has little revenue from its tax businesses but expenses remain constant.
For the fiscal year ending Oct. 31, the company expects sales of $1.97 billion to $2.02 billion, or year-over-year growth of about 6% to 9%. On the bottom line, Intuit told investors to expect GAAP earnings of $1.82 to $1.90 per share.
The company's quarterly and yearly projections were in line with the estimates of analysts polled by Thomson First Call.
Traders may have been hoping for a bit of upside to the forecast or may simply have been taking a profit. In recent after-hours trading, shares of Intuit were off 53 cents, or 1%, to $44.33. The stock closed the regular trading day with a gain of $1.55, or 3.6%, to $44.86.