|
Intuit tops the Street
|
 |
February 25, 1999: 6:42 p.m. ET
Financial software maker's 2Q earnings of $1.34 beat estimates by 4 cents
|
NEW YORK (CNNfn) - Financial software maker Intuit Inc. reported better-than-expected earnings after the closing bell on Thursday.
The company's diluted per-share earnings, excluding one-time items, came in at $1.34 per share, 4 cents ahead of analysts' expectations, according to First Call. This compares to earnings of 85 cents a share in the year-ago quarter.
Intuit President and CEO Bill Harris commented, "We continue to benefit from our proven success in desktop software, led by the solid performance of our small-business and tax products."
"Equally important," he added, "more than 50 percent of our second-quarter revenue was repeat in nature. In a business that is historically seasonal, this… revenue is a valuable asset."
For the quarter ended Jan. 31, 1999, total earnings came in at $89.86 million on revenue of $346 million. That compares with earnings of $41.84 million in the year-ago quarter on revenue totaling $237 million.
During the second quarter, Mountain View, Calif.-based Intuit saw strong growth in its personal tax products as consumers prepare for April 15. The company also benefited from the acquisition of Lacerte and was helped by the early launch of QuickBooks 99 in January.
Historically, revenue and profitability are highest in this quarter because of the short season and intensity of tax product sales. Because of the cyclical nature of its business, Intuit (INTU) typically generates 100 percent or more of its annual profits in the January quarter.
For the six months ended Jan. 31, the company posted earnings of $40.67 million, or 65 cents a share, on revenue of $457.9 million. This compares to earnings of $29 million, or 59 cents a share, on revenue of $333.5 million in the same period one year ago.
Shares of Intuit were unchanged on the Nasdaq at 89-9/16.
Intuit is a partner of the CNNfn Web site.
|
|
|
|
|
|
Intuit
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
