Intuit Raises FY Adj. EPS Guidance Due To New U.S. Tax Legislation - Quick Facts

(RTTNews) - Intuit Inc. (INTU) announced that revenue and operating income for its second fiscal quarter were lower than expected due to the tax season opening later in the current year. Due to the revenue shift and the impact of the Tax Act, for the second quarter, the company expects to report: revenue of $1.160 billion to $1.165 billion, down from the prior range of $1.160 billion to $1.180 billion; and non-GAAP earnings per share of $0.34 to $0.35, up from the prior range of $0.31 to $0.34.

The company expects tax revenue to shift to the third quarter, and therefore reiterated fiscal-year revenue and operating income guidance. Intuit adjusted earnings expectations for the full year earnings per share due to the impact of the 2017 Tax Cuts and Jobs Act. The company now expects non-GAAP earnings per share of $5.30 to $5.40, up from the prior range of $4.90 to $5.00.