Intuit (INTU) Lowers Q2 Guidance Reflecting Impact of Late Opening to Tax Season

Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks, Credit Karma and Mint, today announced that revenue and operating income for its second fiscal quarter were lower than expected due to the tax season opening later this year. The IRS announced it will be accepting and processing returns starting Feb. 12, compared to Jan. 27 last year, with the later start allowing the IRS time to do additional programming and testing of its systems.

Intuit reiterated full-year revenue, operating income, and earnings per share guidance.

For the second fiscal quarter ended Jan. 31, the company expects to report:

• Revenue of $1.570 billion to $1.575 billion, down from the prior range of $1.935 billion to $1.965 billion.
• GAAP operating loss of $30 million to $25 million, down from the prior GAAP operating income range of $171 million to $191 million.
• Non-GAAP operating income of $230 million to $235 million, down from the prior range of $455 million to $475 million.
• GAAP diluted earnings per share of $0.06 to $0.07, down from the prior range of $0.43 to $0.49.
• Non-GAAP diluted earnings per share of $0.67 to $0.68, down from the prior range of $1.25 to $1.31.

(Consensus sees Q2 EPS Of $1.26 on revenue of $1.92 billion)

"We are seeing strong momentum across every business as we execute on our vision of becoming an AI-driven expert platform," said Sasan Goodarzi, Intuit’s chief executive officer. "We are innovating faster than ever to help put more money in our customers' pockets when they need it most and remain on track to deliver our full year fiscal 2021 guidance."

Full-year Guidance

The company expects full year results for Intuit and all business segments to be in line with guidance issued on Dec. 7, 2020. For fiscal year 2021, the company continues to expect:

• Revenue of $8.810 billion to $8.995 billion, growth of approximately 15 to 17 percent.
• GAAP operating income of $1.920 billion to $1.990 billion, a decline of approximately 9 to 12 percent.
• Non-GAAP operating income of $2.975 billion to $3.045 billion, growth of approximately 12 to 14 percent.
• GAAP diluted earnings per share of $5.30 to $5.50, a decline of approximately 21 to 23 percent.
• Non-GAAP diluted earnings per share of $8.20 to $8.40, growth of approximately 4 to 7 percent.

Intuit will announce second-quarter results on Feb. 23.

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