Intuit Raises FY21 Outlook; Q3 Profit Rises

(RTTNews) - Technology platform Intuit Inc. (INTU) on Tuesday raised its guidance for full year 2021. The company now expects earnings per share between $6.96 and $7.01 for full year 2021. Adjusted earnings per share are now expected between $9.32 and $9.37, up 19 percent from the previously announced outlook of $8.20 and $8.40 per share.

Full-year revenues are now expected between $9.36 billion and $9.40 billion, a 22 percent increase from the earlier announced $8.81 billion and $8.99 billion.

On average, 21 analysts polled by Thomson Reuters expect earnings of $8.49 per share on revenues of $9.06 billion for the year.

Sasan Goodarzi, Chief Executive Officer, said, "We had a strong quarter across the company, and as a result we are raising our full year guidance."

For the fourth quarter the company expects earnings per share of $0.78 and $0.83. Adjusted earnings per share are expected between $1.55 and $1.60. On average, 21 analysts expect the company to report earnings of $0.34 per share in the quarter. The company also expects revenue growth of around 26-28 percent in the fourth quarter.

Intuit posted third-quarter net income of $1.46 billion or $5.30 per share, higher than $1.08 billion or $4.11 per share in the year-ago period.

Net income, excluding items, came in at $1.68 billion or $6.07 per share, compared to $1.18 billion or $4.49 per share in the same period last year. On average, 21 analysts expected the company to report earnings of $6.47 per share in the quarter. Analysts' estimates, usually exclude one-time items.

Revenues for the three-month period climbed 39 percent to $4.17 billion from $3.00 billion a year ago while analysts were looking for revenues of $4.41 billion for the period.

The stock ended Tuesday trading at $438.99, down $1.42 or 0.32% on the NYSE. In after-market trade, the stock is trading $442.50, up $3.51 or 0.80%.