The tax software company on Tuesday noted the Internal Revenue Service didn't begin accepting tax returns until Jan. 31, which is expected to shift about $120 million to its third quarter.
While the date of the IRS e-file opening has varied from year to year, it has been increasingly delayed beyond mid-January, Intuit said, adding that the reasons for the delay include the passage of late tax legislation, late budget and debt agreements and, specific to this tax season, the 17-day government shutdown last fall.
As such, Intuit said it expects to report second-quarter adjusted earnings of a penny to two cents a share and revenue of $775 million to $780 million, compared with the company's November forecast for per-share earnings of 25 cents to 27 cents and revenue of $890 million to $910 million.
Still, the company reiterated its fiscal-year outlook.
"We are simply adjusting the timing, not our expectations," said Sasan Goodarzi, general manager of Intuit's Consumer Tax Group.
Intuit is slated to release second-quarter results and the first of two season-to-date updates for its consumer tax products and services on Feb. 20.
The maker of TurboTax do-it-yourself software last year sold its financial-services division and its health division to focus on the company's core tax operations. Despite a lackluster 2013 tax season, Intuit's consumer-tax segment had grown faster than its ancillary businesses.
The company in November reported its fiscal first-quarter loss narrowed as Intuit benefited from double-digit revenue growth and gains from the sale of those two business segments.
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