TurboTax Owner Intuit Warns On Second-quarter As Tax Season Kicks Off Slowly

By Ciara Linnane Markets MarketWatch Pulse

Intuit Inc. , owner of TurboTax, said Wednesday that revenue, earnings per share and operating income for its second fiscal quarter were lower than expected as tax season is kicking off more slowly than is usual. The company is now expecting consumer tax revenue to shift to its third fiscal quarter, which allowed it to reiterate its full-year guidance. The company is now expecting second-quarter revenue of $1.01 billion to $1.02 billion, compared with a current FactSet consensus of $1.06 billion. The company is expected adjusted per-share earnings of 24 cents to 25 cents, compared with a FactSet consensus of 36 cents."Data points to the tax category forming slowly for all prep methods," said Dan Wernikoff, executive vice president and general manager of Intuit's TurboTax business. The company is expecting its full-year earnings to meet its guidance. It is planning to announce second-quarter earnings on Feb. 23 along with the first of two season-to-date unit updates for its consumer tax products and services. Shares were halted premarket, but have gained 27% in the last 12 months, while the S&P 500 has gained 23%.

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