August 21, 2012 / 9:17 PM / 5 years ago

UPDATE 1-Intuit profit misses, sees weak 1st-qtr revenue

* Fourth-quarter adj EPS $0.03 vs est $0.06

* Fourth-quarter rev $651 mln vs est $652.5 mln

* Sees first-quarter adj loss/shr $0.06-$0.07 vs est loss/shr $0.08

* Sees first-quarter rev $630 mln-$640 mln vs est $653.1 mln

* Shares down 3 pct after the bell

Aug 21 (Reuters) - Intuit Inc, the maker of tax-preparation software TurboTax, forecast weak first-quarter revenue as it expects fewer customers to buy its software at the end of the tax filing season after it posted a weaker-than-expected fourth-quarter profit.

Shares of the Mountain View, California-based company fell 3 percent to $57.30 after the bell. They had closed at $58.95 on Tuesday on the Nasdaq.

The company, which also makes accounting software for businesses, expects a loss of between 6 cents and 7 cents per share in the first quarter, on revenue of between $630 million and $640 million.

Analysts on average were expecting a loss of 8 cents per share, on revenue of $653.1 million, according to Thomson Reuters I/B/E/S.

Intuit generates most of its profit in its fiscal second and third quarters, when U.S. consumers are more likely to buy its software in the lead up to the tax season. Its fourth and first quarter are seasonally weak as it is the tax filing off-season.

The company posted a profit of $4 million, or 1 cent per share in the fourth quarter, from a loss of $57 million, or 19 cents per share, a year earlier.

For the three months ended July 30, revenue rose 14 percent to $651 million, falling below analysts' estimates of $652.5 million.

Excluding exceptional items, it earned 3 cents per share, missing Wall Street estimates of 6 cents.

The company recorded a restructuring charge of $15 million or 3 cents per share related to staff alignment implemented in July and the termination of certain consumer money card agreements.

Intuit also raised its quarterly dividend by 13 percent to 17 cents per share.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below