H&R Block Shares Gain After Company Reports Narrower Quarterly Loss

By Claudia Assis Markets MarketWatch Pulse

Tax preparer and tax software developer H&R Block Inc. late Wednesday reported a fiscal second-quarter per-share loss in line with Wall Street expectations and sales above forecasts. H&R Block said it lost a net $143 million in the quarter, or 68 cents a share, flat compared to the year-ago period. Per-share earnings from continuing operations were 67 cents in the quarter. Revenue rose to $131 million, from $128 million a year ago. Analysts polled by FactSet had expected an adjusted loss of 68 cents a share on sales of $127 million. The company usually reports a second-quarter loss due to the seasonality of its tax business, and the quarter represents less than 5% of its annual revenues, H&R Block said. Shares rose more than 5% in late trading after ending the regular session up 2.9%.

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