Intuit Q3 Profit Rises; Cuts FY14 GAAP EPS Outlook - Quick Facts

(RTTNews) - Accounting software maker Intuit Inc. (INTU) Tuesday reported third-quarter net income of $984 million or $3.39 per share, compared with $822 million or $2.71 per share in the comparable quarter last year.

Excluding items, adjusted earnings for the quarter were $1.0 billion or $3.53 per share, up from $893 million or $2.94 per share a year ago.

On average, 17 analysts polled by Thomson Reuters estimated earnings of $3.50 per share for the quarter. Analysts' estimates typically exclude special items.

Total net revenues for the quarter were $2.39 billion, compared with $2.09 billion a year ago. Fourteen analysts had a consensus revenue estimate of $2.38 billion for the quarter.

For the fourth quarter, Inuit now expects GAAP loss of $0.10 to $0.12 per share, adjusted earnings of $0.06 to $0.08 per share and revenues of $683 million to $713 million. Analysts expect earnings of $0.12 per share on revenues of $712.20 million for the fourth quarter.

Earlier, the company expected fourth quarter net loss of $0.04 to $0.02 per share.

For fiscal 2014, Intuit now expects net earnings of $3.08 to $3.12 per share, adjusted earnings of $3.54 to $3.58 per share and revenues of $4.48 billion to $4.51 billion. Analysts expect earnings of $3.58 per share on revenues of $4.49 billion for the year.

Earlier, the company had expected net earnings of $3.11 to $3.19 per share, adjusted earnings of $3.52 to $3.60 per share and revenues of $4.44 billion to $4.53 billion.