Intuit Slips To Loss; Lifts Q3 Guidance - Quick Facts

(RTTNews) - Accounting software maker Intuit Inc. (INTU) Thursday reported second-quarter net loss of $37 million or $0.13 per share, compared with net income of $71 million or $0.23 per share last year.

Excluding items, adjusted earnings for the quarter were $7 million or $0.02 per share, compared with $91 million or $0.30 per share a year ago.

On average, 13 analysts polled by Thomson Reuters estimated earnings of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.

The Mountain View, California-based company's revenues for the quarter fell 12 percent to $782 million from $884 million in the prior year. Nine analysts had a consensus revenue estimate of $788.88 million for the quarter.

Total expenses for the quarter were higher at $828 million, compared with $800 million a year ago.

For the third quarter, Inuit now expects net earnings of $3.33 to $3.38 per share, adjusted earnings of $3.46 to $3.51 per share and revenues of $2.325 billion to $2.400 billion. It earlier expected net earnings of $3.12 to $3.17 per share, adjusted earnings of $3.25 to $3.30 per share and revenues of $2.245 billion to $2.290 billion.

Analysts expect earnings of $3.50 per share on revenues of $2.37 billion for the third quarter.

For the fourth quarter, the company continues to project net loss of $0.04 to $0.02 per share, adjusted earnings of $0.11 to $0.13 per share and revenues of $710 million to $720 million.

For fiscal 2014, Intuit still expects net earnings of $3.11 to $3.19 per share, adjusted earnings of $3.52 to $3.60 per share and revenues of $4.440 billion to $4.525 billion. Analysts expect earnings of $3.57 per share on revenues of $4.49 billion for the year.