Intuit ratcheted up full-year guidance after earnings and sales climbed in its busiest fiscal quarter.
The maker of tax-preparation software posted a profit of $2.39 billion, or $8.42 a share, for the three months ended April 30, up from $2.09 billion, or $7.44 a share, in the same quarter a year ago.
Stripping out one-time items, earnings were $9.88 a share. Analysts polled by FactSet had been expecting adjusted earnings of $9.38 a share.
Revenue rose to $6.74 billion from $6.02 billion in the year-ago quarter, topping analyst projections for $6.65 billion, according to FactSet.
The top line of its consumer group was up 9% at $3.8 billion, while revenue from its small business and self-employed segment was up 18% at $2.4 billion. Credit Karma, its credit-checking personal finance site, logged 8% higher revenue on strength from its checking account, credit cards, auto insurance and personal loans offerings.
Intuit now expects revenue to rise 13% to $16.16 billion in fiscal 2024, which ends at the close of the current quarter. That is up from a prior forecast for 11% to 12% growth.
Earnings are now projected to rise 28% to 29% to $10.78 to $10.83 a share this fiscal year, compared with previous guidance for an 11% to 15% jump. Adjusted earnings are expected to climb about 17% to $16.79 to $16.84 a share, instead of 12% to 14% in Intuit’s prior outlook.