Intuit Posts Q4 Adj. Loss Narrower Than Analysts Estimated

(RTTNews) - Intuit Inc. (INTU) reported net income for the fourth quarter of $14 million or $0.05 per share, compared to a net loss of $29 million or $0.10 per share for the year-ago quarter.

Loss from continuing operations for the fourth quarter was $102 million or $0.37 per share, compared to loss from continuing operations of $28 million or $0.10 per share in the prior year quarter.

Excluding items, adjusted loss for the latest quarter was $15 million or $0.05 per share.

Total net revenue for the fourth quarter rose 7% to $696 million from $649 million a year earlier.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.12 per share on revenue of $738.98 million for the fourth quarter. Analysts' estimates typically exclude special items.

Intuit also said it plans to divest Demandforce, QuickBase and Quicken to focus on and invest in businesses that strengthen the ecosystem and align with two strategic goals: to be the operating system behind small business success, and to do the nations' taxes in the U.S. and Canada.

As a result of the decision, revenue in fiscal 2016 will be reduced by about $250 million and adjusted earnings per share will be reduced by about $0.10, as the company reports those held-for-sale assets as discontinued operations.

Looking forward to the first quarter of fiscal 2016, Intuit forecasts revenue of $660 million to $680 million, loss per share of $0.26 to $0.27 and adjusted loss per share of $0.03 to $0.04. Analysts currently expect the company to earn $0.06 per share on revenue of $776.36 million for the first quarter.

For the fiscal year 2016, the company forecasts revenue of $4.525 billion to $4.600 billion, earnings of $2.50 to $2.55 per share and adjusted earnings of $3.40 to $3.45 per share. Analysts currently expect the company to earn $2.53 per share on revenue of $4.41 billion for the fiscal year 2016.