H&R Block Adds 6% On Improved Quarterly Earnings

(RTTNews) - Shares of tax preparation company H&R Block, Inc. (HRB) are rising more than 6% Wednesday morning after reporting improved earnings in the fourth quarter.

Net income in the fourth quarter increased to $302.27 million or $1.96 per share from $222.7 million or $1.36 per share in the same quarter a year ago. Excluding one-time items, earnings were $2.05 per share.

Quarterly revenue, however, declined to $1.032 billion from $1.050 billion last year.

Commenting on results, Jeff Jones, president and CEO of the company said, "Our DIY strategy delivered, we demonstrated pricing power in the Assisted channel and saw positive customer satisfaction metrics, Small Business continued to be a growth driver, and we are executing on our Block Horizons strategy. We feel well positioned and look forward to FY24."

HRB is at $37.74 currently. It has traded in the range of $28.83 - $48.76 in the last 1 year.