Business

Intuit stock hits record high after repurchase fuel earnings beat, guidance increases

Shares of Intuit Inc. jumped 9% and headed for a record high in after-hours trading on Thursday, after the software company raised its annual guidance while integrating recent acquisitions.

Intuit
INTO THE,
-0.96%

reported first-quarter financial earnings of $228 million, or 82 cents a share, on sales of $2.01 billion, up from $1.32 billion a year ago. After adjusting for stock-based compensation and other expenses, the company known for its accounting software like TurboTax and QuickBooks reported earnings of $1.53 a share, up from 94 cents a share. shares a year ago and far exceeded analyst estimates. Analysts on average had predicted adjusted earnings of 97 cents a share on revenue of $1.81 billion, according to FactSet.

Intuit also added more than $1 billion to its revenue guide for the full year, credit $12 billion acquisition of MailChimp, which closed November 1, as well as its purchase of Credit Karma last year, which reported a record $418 million in quarterly revenue on Thursday. Intuit now expects adjusted full-year earnings of $11.48 to $11.64 a share on revenue of $12.17 billion to $12.3 billion, after previously claims $11.05 to $11.25 a share on revenue of $11.05 billion to $11.2 billion.

“We continue to see strong momentum and proof that our big bets are positioning us further for sustainable growth going forward and we are delighted that MailChimp has added enter Intuit,” CEO Sasan Goodarzi said in a statement.

For the second quarter, Intuit guided adjusted earnings of $1.84 to $1.88 per share with revenue growth of 73% to 74%. Analysts on average expect adjusted earnings of $1.54 a share on sales of $2.32 billion, representing growth of less than 50% from last year.

Intuit stock has been trading at record levels this year and last closed at new highs on Tuesday, when the stock ended the session at $645.76. After closing with a 1% drop at $628.94 on Thursday, the stock topped $685 in extended trading.

Shares are up 65.6% so far this year and 18.2% in the past three months. S&P 500 Index
SPX,
+ 0.34%

grew by 26.4% and 6.9%, respectively, during those periods.

https://www.marketwatch.com/story/intuit-stock-soars-toward-record-after-acquisitions-fuel-earnings-beat-increased-guidance-11637271197?rss=1&siteid=rss Intuit stock hits record high after repurchase fuel earnings beat, guidance increases

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