Wednesday, February 12, 2014

Intuit cuts FQ2 guidance, reiterates FY14 guidance; shares -1.7% AH

  • Intuit (INTU) claims $120M in revenue that was expected in FQ2 (its Jan. quarter) was pushed out to FQ3 as a result of the IRS' decision to hold off on accepting tax returns on Jan. 31, and the delayed processing of tax returns by state governments. (PR)
  • As a result, the company now expects FQ2 revenue of $775M-$780M and EPS of $0.01-$0.02, below a consensus of $900.6M and $0.26. However, it's maintaining FY14 (ends in July) guidance for 6%-8% revenue growth and 10%-13% EPS growth. The consensus is for 7.8% revenue growth and 11.9% EPS growth.
  • FQ2 results will arrive on Feb. 20, along with the first of two seasonal updates for consumer tax product/service sales.