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Tax Software Leader Intuit Edges Earnings Target On In-Line Sales

Financial software firm Intuit (INTU) late Tuesday edged Wall Street’s earnings target on in-line sales for its fiscal third quarter. It also guided higher for the current quarter. Intuit stock rose in extended trading.




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The Mountain View, Calif.-based company earned an adjusted $6.07 a share on sales of $4.17 billion in the quarter ended April 30. Analysts expected Intuit earnings of $6.04 a share on sales of $4.17 billion, according to Zacks Investment Research. In the year-earlier period, Intuit earnings were $4.49 a share on sales of $3.0 billion.

On May 11, Intuit warned that revenue and operating income for its fiscal third quarter would be lower than expected due to the extension of the IRS tax filing deadline to May 17. For the second year in a row, the Internal Revenue Service delayed the tax filing deadline because of disruptions caused by the Covid-19 pandemic.

Intuit makes TurboTax tax preparation software as well as QuickBooks, Mint and Credit Karma products.

Intuit Stock Climbs

In after-hours trading on the stock market today, Intuit stock climbed 1.4%, near 445.25. During the regular session Tuesday, Intuit stock dipped 0.3% to 438.99.

On May 18, Intuit stock hit a buy point of 422.87 out of a cup-with-handle base, according to IBD MarketSmith charts. The 5% chase zone of its breakout extends to 444.01.

Intuit stock is in the IBD Long-Term Leaders Portfolio.

Earnings report details to follow.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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