Intuit Inc. Q1 Profit Increases, beats estimates

(RTTNews) - Intuit Inc. (INTU) released earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line came in at $241 million, or $0.85 per share. This compares with $40 million, or $0.14 per share, in last year's first quarter.

Excluding items, Intuit Inc. reported adjusted earnings of $698 million or $2.47 per share for the period.

Analysts on average had expected the company to earn $1.98 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 14.6% to $2.98 billion from $2.60 billion last year.

Intuit Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $241 Mln. vs. $40 Mln. last year. -EPS (Q1): $0.85 vs. $0.14 last year. -Analyst Estimate: $1.98 -Revenue (Q1): $2.98 Bln vs. $2.60 Bln last year.

-Guidance: Next quarter EPS guidance: $2.25 to $2.31 Full year EPS guidance: $16.17 to $16.47 Full year revenue guidance: $15.890 - $16.105 B