H&R Block Posts Sharply Wider Q3 Loss

(RTTNews) - H&R Block, Inc. (HRB) reported a net loss for the third quarter of $214.7 million or $0.78 per share, compared to a net loss of $17.7 million or $0.07 per share for the year-ago quarter.

Net loss from continuing operations for the third quarter was $212.8 million or $0.78 per share, compared to a net loss from continuing operations of $16.9 million or $0.06 per share in the prior year quarter.

Excluding items, adjusted net loss from continuing operations for the latest quarter was $209 million or $0.77 per share.

Revenues for the third quarter fell 58% to $199.77 million from $471.98 million a year ago, mainly due to $277 million of revenue related to tax returns prepared but not yet filed which will be recorded during the company's fiscal fourth quarter.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.11 per share on revenue of $519.31 million for the third quarter. Analysts' estimates typically exclude special items.