Intuit Lifts FY21 Outlook

(RTTNews) - Intuit Inc. (INTU), maker of TurboTax and QuickBooks, Tuesday said it expects to exceed the high end of its full year guidance.

"The velocity of our innovation is accelerating, delivering benefits for our customers and growth across the company," said CEO Sasan Goodarzi. "We're proud of the progress we've made and expect to exceed the top end of our guidance for the full year."

The company had earlier issued an outlook of adjusted earnings of $8.20 to $8.40 per share and revenues of $8.810 billion to $8.995 billion. It now expects to exceed these figures. Analysts polled by Thomson Reuters currently estimate earnings of $8.37 per share on revenues of $8.97 billion.

Intuit also announced that revenue and operating income for its third quarter were lower than expected due to the extension of the IRS tax filing deadline to May 17.

Looking forward the third quarter, Intuit expects adjusted earnings of $6.00 to $6.05 per share and revenues of $4.165 billion to $4.170 billion. Previously, the company expected adjusted earnings of $6.75 to $6.85 per share and revenues of $4.605 billion to $4.655 billion.

Analysts currently estimate earnings of $6.73 per share on revenues of $4.59 billion.

INTU closed Tuesday's trading at $394.99, up $2.45 or 0.62%, on the Nasdaq. The stock further gained $8.01 or 2.03% in the after-hours trading.