Intuit Loss Narrows, Lifts FY Outlook; Shares Up 8%

(RTTNews) - Accounting software maker Intuit Inc (INTU), on Thursday reported a smaller loss for the first quarter, driven largely by higher revenues. Shares gained a near 8 percent after the company lifted its full-year outlook.

Intuit reported fourth-quarter loss of $31 million or $0.11 per share, narrower than last year's loss of $84 million or $0.29 per share last year.

Excluding one-time items, adjusted earnings for the quarter were $0.09 per share, compared to a loss of $0.11 per share a year ago. On average, 18 analysts polled by Thomson Reuters expected a loss of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose 17 percent to $713 million from $612 million a year earlier. Total QuickBooks Online subscribers increased by 57 percent.

Fourteen analysts had a consensus revenue estimate of about $670.37 million for the quarter.

"We started the fiscal year the same way we ended the last, with strong momentum across our businesses as our intense focus on our global cloud strategy takes shape," said Brad Smith, Intuit's president and chief executive officer.

Smith said Intuit exceeded its subscriber and financial targets for the first quarter.

Looking forward to the second quarter, the company expects revenues of $880 million to $900 million and adjusted earnings of $0.17 to $0.20 per share. Analysts currently estimate earnings of $0.05 per share on revenues of $823.87 million.

For the full year, Intuit now expects adjusted earnings of $3.45 to $3.50 a share, up from prior guidance of $3.40 to $3.45. Analysts currently estimate earnings of $3.43 per share.

INTU closed Thursday's trading at $97.42, up $0.80 or 0.83%, on the Nasdaq. The stock further rose $7.71 or 7.91% in the after-hours trade.