Intuit's Q3 Net Up 23%, Beats, Raises, Shares Jump

Intuit reported Q3 net income rose 23% to $367.2 million, or $1.04/share, on sales growth of 21% to $1.15b. Excluding certain items, EPS totaled $1.13, topping analysts' average estimate of $1.07/share on sales of $1.12b. Shares of Intuit jumped 10.2% to $30.54 in extended trading on volume of 1.09 million, after losing 1% to $27.72 in normal trading. Revenues at its Consumer Tax unit increased 14% to $567m and sales of QuickBooks software to small business climbed 22% to $155m. Intuit raised its fiscal '07 guidance for EPS, $1.15 - $1.17 (from $1.10 - $1.14 previously) and sales, $2.69b - $2.7b ($2.63b - $2.68b previously). Analysts' forecast EPS of $1.34 on sales of $2.65b, per a Bloomberg survey. Intuit announced an $800m share buyback program over three years. It has repurchased $3.7b of shares since '01.

Sources: Intuit F3Q07 Earnings Call Transcript, Press release [pdf], Bloomberg, MarketWatch
Commentary: On Intuit's 'Record' Quarter: As Predictable as the Passage of Time • Intuit Beats Street In Key Quarter; Stock Up After Hours • Profiting From The Tax Industry
Stocks/ETFs to watch: Intuit (INTU). Competitors: H&R Block (HRB). ETFs: Software HOLDRS (SWH), iShares Goldman Sachs Software Index (IGV)
Related: Intuit Q3/FY07 & FY07 Fact Sheet [pdf]

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