Plus   Neg

H&R Block Q3 Pretax Loss Widens; Revenue Down 4.1% - Quick Facts

H&R Block, Inc. (HRB) reported that its third-quarter pretax loss from continuing operations widened 31 percent year-over-year to $159 million. Loss per share from continuing operations improved to $0.58 from a loss of $1.16, prior year, due to the impact of corporate tax rate changes in the prior year. On average, 9 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.55 for the quarter. Analysts' estimates typically exclude special items.

Third-quarter total revenues decreased 4.1 percent, to $468.4 million primarily due to lower Assisted tax preparation revenues and royalties as a result of the delay in overall filings with the IRS. Analysts expected revenue of $465.49 million for the quarter.

H&R Block total U.S. return volume decreased 1.2% through February 28, as an increase in DIY returns of 6.4% was offset by a 6.5% decrease in Assisted returns. On a comparable basis with the most recent IRS data for the current tax season, the company grew market share in DIY due to product enhancements and improved conversion.

"The slow start to the tax season for the industry impacted the timing of our business, lowering financial results for our fiscal third quarter. We remain on track with our strategic and operational plans and expect to achieve our financial outlook for the fiscal year," said Tony Bowen, H&R Block's CFO.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
A flaw in new iPhone operating system iOS 13, which is released by Apple on Thursday, exposes contact details stored in iPhones without requiring a passcode or biometric identification. Apple has known about the flaw since July, according to CNN business report quoting a person who reported the bug to Apple. Chinese electronics giant Huawei on Thursday launched its latest flagship smartphone range the Mate 30. Huawei unveiled the Huawei Mate 30 and Mate 30 Pro at an event in Munich. The new phones boasts of professional-grade cameras that competes directly with Apple's new iPhone 11 and iPhone 11 Pro... Schwartz Brothers Bakery of Seattle, Washington recalled 24 units of lemon dessert bars as it may contain undeclared egg. The products have a sell by date of September 21, 2019. The company issued the recall after it found that some of the Lemon Pound Cake was mislabeled as Lemon Dessert Bars. While the Lemon Pound Cake contains egg, the Lemon Dessert Bars label does not declare egg.
Follow RTT