Intuit Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - Intuit Inc. (INTU) released a profit for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings came in at $40 million, or $0.14 per share. This compares with $228 million, or $0.82 per share, in last year's first quarter.

Excluding items, Intuit Inc. reported adjusted earnings of $470 million or $1.66 per share for the period.

Analysts on average had expected the company to earn $1.22 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 29.4% to $2.60 billion from $2.01 billion last year.

Intuit Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $40 Mln. vs. $228 Mln. last year. -EPS (Q1): $0.14 vs. $0.82 last year. -Analyst Estimates: $1.22 -Revenue (Q1): $2.60 Bln vs. $2.01 Bln last year.

-Guidance: Next quarter EPS guidance: $1.41 to $1.45. Next quarter revenue guidance: $2.875 - $2.905 Bln Full year EPS guidance: $13.59 - $13.89 Full year revenue guidance: $14.035 - $14.250 B