Business and financial management solutions provider Intuit Inc. (INTU), which is scheduled to report results after the market closes Thursday, is expected to post a loss of $0.16 per share, on revenues of $487.69 million, for the first quarter, according to consensus estimates of analysts polled by Thomson Reuters. The company reported a non-GAAP loss of $0.09 per share, on revenues of $481 million, in the year-earlier period.
In mid-September, the Mountain View, California-based company said it continues to expect a GAAP net loss of $0.28 - $0.24 per share for the first quarter of 2010. Non-GAAP net loss for the quarter is still expected to be in the range of $0.19 - $0.15 per share. Intuit also continues to anticipate that first-quarter GAAP operating loss will be between $126 million and $107 million and non-GAAP operating loss between $79 million and $60 million.
For fiscal 2010, Intuit reaffirmed its GAAP earnings outlook in the range of $1.49 - $1.56 per share and non-GAAP earnings of $1.89 - $1.96 per share.
The company, which also provides TurboTax income tax preparation products and services, continues to expect full-year GAAP operating income to be between $785 million and $825 million, and non-GAAP operating income between $985 million and $1.025 billion.
Reflecting higher costs and expenses, Intuit incurred a wider loss of $70.7 million or $0.22 per share for the fourth quarter, compared to a loss of $61.9 million or $0.19 per share a year earlier. Excluding stock options expense and other items, loss widened to $31.3 million or $0.10 per share from $25.3 million or $0.08 per share in the prior-year quarter. Net revenue for the fourth quarter declined slightly to $475.77 million from $478.15 million in the previous year.
Among Intuit's rivals, H&R Block Inc. (HRB) posted a wider loss for the first quarter, totaling $133.6 million or $0.40 per share, compared to a loss of $132.7 million or $0.41 per share in the prior-year period, hampered by the charges related to Southwest franchise acquisition and other expenses. Revenues increased to $275.5 million from the previous year's revenue of $271.9 million.
Another peer, Automatic Data Processing Inc. (ADP) posted first-quarter net income of $284.1 million or $0.56 per share, up from $276.9 million or $0.54 per share a year ago, reflecting lower costs and expenses. Total revenues declined 4% to $2.10 billion from $2.18 billion in the previous year, negatively impacted by the severe economic conditions.
Intuit shares, which have been trading between $20.18 and $31.29 in the past 52 weeks, closed Wednesday's trading session at $30.34.
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