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Intuit raises 2010 outlook after strong second quarter results |
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Financial and tax preparation software company Intuit has reported strong financial results for its second quarter, which ended on January 31, 2010. Intuit's revenues increased eight percent as compared to the same quarter during the previous year, jumping from $773 million to to $837 million. Revenue was more than $20 million higher than guidance adjusted for the sale of the Intuit Real Estate Solutions business. Operating income was reported at $139 million, 26 percent higher than $111 million from the second quarter of 2009. GAAP diluted earnings per share were 35 cents, 35 percent higher over Q2 2009's $0.26.  Intuit said its total TurboTax federal units were up 11 percent through February 13th, 2010, and the financial institutions segment reported a 10 percent revenue growth on account of strong bill pay user growth and positive early results for TurboTax for Online Banking. In the small business group, Employee Management Solutions and Payment Solutions revenue grew double digits and each of the small business segments saw an increase in average revenue per customer compared to the second quarter of last year. Based on these strong results, particularly in the tax business, Intuit raised its full-year revenue and earnings guidance. For fiscal year 2010 the company expects revenue growth of 6 to 9 percent, $3.3 billion to $3.4 billion. All comparisons exclude the Intuit Real Estate Solutions business, which is accounted for as a discontinued operation. Brad Smith, Intuit's president and chief executive officer said "While it is still early in the year, we are confident in our ability to perform well in the second half and therefore are raising our revenue and earnings guidance for the year." For fiscal year 2010 Intuit expects revenues of $3.3 billion to $3.4 billion, a growth of 6 to 9 percent. It anticipates GAAP operating income of $785 million to $825 million, and GAAP diluted earnings per share of $1.63 to $1.70, or growth of 21 to 26 percent. For the third-quarter Intuit expects revenues of $1.51 billion to $1.59 billion, a growth of 7 to 12 percent. GAAP operating income is expected to range between $811 million and $861 million, a growth of 6 to 13 percent. Intuit said it expects its GAAP diluted EPS of $1.64 to $1.74, growth of 12 to 18 percent. |
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