Intuit’s Earnings Were Strong. It Boosted Its Dividend, Too.

3 years ago 336

Updated Aug. 24, 2021 5:53 p.m. ET / Original Aug. 24, 2021 5:07 p.m. ET

Order Reprints
Print Article

Text size

Intuit shares gained crushed successful precocious trading Tuesday aft the tax-and-accounting bundle institution posted better-than-expected results for its fiscal 4th quarter, ended July 31.

Intuit besides expanded its banal buyback programme and boosted its dividend.

For the quarter, Intuit reported gross of $2.56 billion, up 41% from the $1.81 cardinal reported successful the year-earlier quarter. That includes $405 cardinal successful gross from the company’s precocious completed acquisition of Credit Karma. The institution had projected maturation of betwixt 26% and 28%, portion the Wall Street statement presumption was that gross would travel successful astatine $2.32 billion.

Non-GAAP profits were $1.97 a share, up 9% from a twelvemonth ago, and good up of the Street’s telephone for $1.68. Management had predicted $1.55 to $1.60 a share.

Intuit said its “small concern and self-employed” conception had gross of $1.3 billion, up 19%. The company’s user radical had gross of $852 million, up 20%.

Full-year gross was $9.6 billion, up 25%, with 11 points of maturation from the Credit Karma deal. Full-year profits connected a non-GAAP ground were $9.74 a share, up 24%.

Intuit bought backmost $1 cardinal of banal successful fiscal 2021, and said its committee authorized an further $2 cardinal repurchase, boosting the full disposable for buybacks to $3.3 billion. Intuit besides accrued its quarterly dividend complaint by astir 15% to 68 cents a share, from 59 cents.

“We had a precise beardown 4th fourth capping disconnected an outstanding fiscal 2021,” Intuit CEO Sasan Goodarzi said successful a statement. “Our momentum continues crossed the institution with accelerated innovation focused connected our customers’ astir important needs portion creating durable maturation opportunities for Intuit successful the future.”

For the October quarter, Intuit sees gross maturation of betwixt 36% and 38%, including Credit Karma, with non-GAAP profits of 94 to 99 cents a share, falling abbreviated of the Street statement astatine $1.14 a share.

For the July 2022 fiscal year, Intuit sees gross of $11.05 cardinal to $11.2 billion, up betwixt 15% and 16%, with non-GAAP profits of $11.05 to $11.25 a share. The statement anticipation was for $10.95 cardinal successful gross and profits of $10.83 a share.

In precocious trading, Intuit was up astir 1%, to $559.90.

Write to Eric J. Savitz astatine eric.savitz@barrons.com

Read Entire Article