H&R Block (HRB) Misses Q1 EPS by 2c

August 30, 2016 4:20 PM EDT

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H&R Block (NYSE: HRB) reported Q1 EPS of ($0.55), $0.02 worse than the analyst estimate of ($0.53). Revenue for the quarter came in at $125 million versus the consensus estimate of $132.62 million.

"Because of the highly seasonal nature of our business, the fiscal first quarter is not indicative of our full year results. That said, all of the company's efforts remain laser-focused on executing a successful tax season," said Bill Cobb, H&R Block's president and chief executive officer. "We will have compelling client offers and improvements to the client experience. I'm truly looking forward to the next tax season and demonstrating our ability to deliver strong results for the fiscal year."

"We are on target to execute our cost reduction plans. While expenses are down slightly this quarter, the majority of our planned reductions will occur after the first quarter," said Tony Bowen, H&R Block's chief financial officer. "These planned savings will enable us to continue to ensure strong free cash flow while also allowing us to make the appropriate investments to achieve our operational objectives for the upcoming tax season."

For earnings history and earnings-related data on H&R Block (HRB) click here.

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