Intuit Stock Down After Hours On Fourth-quarter Earnings And CFO Change

By Max A. Cherney Markets MarketWatch Pulse

Intuit Inc. shares edged down in the extended session Tuesday after the company's fourth-quarter earnings beat Wall Street expectations. Intuit shares fell just over 1% to $136.44 after hours. The financial software provider's net income grew to $24 million, or 9 cents a share, with a loss of $40 million, or 16 cents a share, in the year-ago period. Adjusted earnings were 20 cents a share. Revenue increased 12% to $842 million from $754 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 17 cents a share on revenue of $809 million. Intuit also announced its Chief Financial Officer R. Neil Williams will step down in January, to be replaced by Michelle Clatterbuck. Executives issued first-quarter sales guidance of between $840 million and $860 million, and adjusted earnings of 3 cents to 5 cents per share. Analysts model first-quarter adjusted earnings of 11 cents a share on sales of $851 million. Intuit stock has gained more than 20% year-to-date, while the S&P 500 index has gained 9.5%.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.