Intuit (INTU) Investors Hit the Exit on Strong Quarter, Light Q4 Guidance

May 19, 2011 4:57 PM EDT
Intuit Inc. (Nasdaq: INTU) investors are hitting the doors following quarterly results from the financial management software company.

Operating income in the third quarter increased 19 percent from $938 million to $1.115 billion, or $2.33 per share on a non-GAAP basis.

Revenue popped 15 percent to $1.848 billion.

Overall, the consensus was looking for EPS of $2.28 and revs of $1.82 billion.

Intuit's third quarter was a big one for the company as many rushed to get their taxes complete before the mid-April deadline. This quarter, TurboTax units were up 11 percent, with TurboTax Online units up 18 percent.

Looking ahead, Intuit sees fourth-quarter revenue of $567 - $587 million and non-GAAP EPS of ($0.02) to $0.02, versus consensus EPS of ($0.01) and revs of $587.19 billion. For FY11, Intuit increased its EPS outlook from $2.41 - $2.48 to $2.45 - $2.50 with revs boosted from $3.74 - $3.84 to $3.825 - $3.845 billion, versus consensus EPS of $0.45 and revs of $3.82 billion.

Intuit shares are down 3.6 percent after-hours.

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