Intuit 2Q income surges on strong sales

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MOUNTAIN VIEW, Calif. (AP) ? Intuit Inc. said Tuesday that its fiscal second-quarter profit rose 62 percent as it sold more financial management software programs to consumers and small businesses.

The results topped Wall Street expectations and its full-year and third-quarter earnings projections were at the high end of analyst expectations. Its shares rose more than 3 percent in aftermarket trading.

Intuit makes business management programs for consumers and small businesses, such as its popular QuickBooks software program. The company said it expects revenue to increase in 2012 as more consumers use computers and mobile devices to process their tax returns.

The company said that during the quarter ended Jan. 31, its net income was $118 million, or 39 cents per share, up from $73 million, or 23 cents per share, during the same period the year before.

Excluding one-time items, the company said it earned 51 cents a share in the latest quarter.

Revenue during the quarter was $1.02 billion, up from $878 million in the prior year period.

The results beat analyst expectations for adjusted net income of 45 cents per share on $1.01 billion in revenue. The company said revenue from its consumer tax business jumped 44 percent while financial services revenue climbed 9 percent.

Intuit Inc. said it expects its full-year 2012 revenue to grow between 9 percent and 11 percent from last year, hitting a range between $4.185 billion and $4.285 billion.

The company said it expects full-year 2012 adjusted earnings between $2.90 per share and $2.97 per share. Analysts were expecting adjusted net income of $2.92 per share, according to FactSet.

For the current quarter, the company said it expects to earn adjusted net income between $2.47 per share and $2.51 per share. Analysts were expecting $2.49 per share, according to FactSet.

The company also said Tuesday that it bought back $331 million of its stock during the second quarter. That brings its total share repurchases to $586 million for the first half of its fiscal year. At the end of the quarter, the company was authorized to spend an additional $2 billion in cash to buy back stock through August 2014.

Shares of Intuit jumped $1.98 to $59.50 in aftermarket trading. They ended up 14 cents at $57.52 during regular-session trading Tuesday.