The stock of Intuit (INTU) is up 8% after the business software company reported quarterly financial results that beat Wall Street targets.
The company behind software programs such as TurboTax and QuickBooks announced earnings per share (EPS) of $11.65 U.S., which topped the $10.93 U.S. consensus expectation of analysts.
Revenue in the quarter totaled $7.75 billion U.S., which was ahead of the $7.57 billion U.S. forecast on Wall Street.
Management said the strong results were due to robust sales of its business software products during the recently completed tax season.
In the same period last year, Intuit posted earnings of $9.88 U.S. a share on revenue of $6.73 billion U.S.
In addition to the strong print, Intuit raised its full-year guidance, saying it now expects earnings of $20.07 U.S. to $20.12 U.S. per share.
That implies growth of approximately 18% to 19%, up from previous guidance that called for growth of 13% to 14%.
The company’s outlook is also above Wall Street estimates of $19.40 U.S. a share.
As for revenue, Intuit is now estimating sales growth of about 15%, forecasting a range of $18.72 billion U.S. to $18.76 billion U.S.
That outlook is up from previous guidance that called for 12% revenue growth. Analysts had been looking for full-year sales of $18.37 billion U.S. from the company.
Before today (May 23), Intuit’s stock had risen 7% this year to trade at $666.07 U.S.
