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.

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Comments (1)
  • Jedsb
    , contributor
    Comments (3) | Send Message
    This announcement is a non-event and the market has completely over-reacted. This is a screaming buy opportunity. Who exactly is Evercore??? They are short INTUIT and have been beaten up for the last several months. Notice they only report HALF the story. The earnings estimates have not been REDUCED but MAINTAINED by INTUIT. They have said that due to IRS starting late in accepting tax returns this year due to GOVERNMENT SHUT-DOWN, earnings that would have been reported in this quarter will be realized in the next quarter and will therefore leave the TOTAL ANNUAL EARNINGS AS EXPECTED. NO REDUCTION IN GUIDANCE BY INTUIT.
    12 Feb 2014, 01:16 PM Reply Like
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