H&R Block Shares Rally After Narrower-than-expected Quarterly Loss

By Claudia Assis Markets MarketWatch Pulse

Shares of H&R Block Inc. rose more than 8% late Tuesday after the tax preparer and tax software maker reported a narrower-than-expected quarterly loss and beat revenue expectations. H&R Block reported a net loss of $101 million, or 49 cents a share, compared with a loss of 34 cents a share in the same period last year. Revenue fell to $452 million from $475 million a year ago, primarily on fewer clients in the assisted and do-it-yourself tax preparation businesses resulting from the delay in the overall tax season, and the pricing impact of early-season promotions. Analysts polled by FactSet had expected H&R Block to report a loss of 52 cents a share on revenue of $427 million in the quarter. The company typically reports a fiscal third-quarter operating loss due to the seasonality of its tax business. Shares ended the regular session down 0.6%.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.