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H&R Block beats estimates
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June 15, 1999: 6:48 p.m. ET
Strong results and repurchasing bolsters earnings per share
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NEW YORK (CNNfn) - H&R Block Inc., the nation's largest tax preparation services company, reported earnings of $3.03 per share Tuesday, beating Wall Street estimates by 18 cents.
H&R Block's (HRB) $3.03 diluted net earnings per share for the fourth quarter ending April 30 are up 28 percent from the same period last year.
"These strong results were driven primarily by our core business segment, U.S. tax operations, and one of our newer segments, mortgage operations," said Frank L. Salizzoni, president and chief executive officer, in a statement.
But the net earnings for the quarter, $297.4 million, were up just 16 percent from last year, due to share repurchasing. The company estimated that repurchasing raised earnings about 5 cents per share.
In addition, H&R Block announced an increase in its dividend to 27.5 cents per share from 25 cents, payable Oct. 1 to shareholders of record on Sept. 10.
Revenues for the fourth quarter rose 24 percent to just under $1.2 billion.
For the year, diluted net earnings plunged 45.1 percent to $215.4 million. That translated to $2.14 per share, a drop of 41.4 percent. The company attributed the drop to last year's one time net gain from the sale of CompuServe Corporation for $231.9 million combined with losses from the sale of credit card operations.
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H&R Block
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