Intuit Expects 11 Percent Revenue Growth in TurboTax for FY12

Intuit Inc.

today released the last of three season-to-date updates for its fiscal year 2012 consumer tax offerings. Through April 18, total TurboTax federal units excluding Free File Alliance were up 7 percent, with total TurboTax federal units up 6 percent compared to the same period last year. Also through April 18, TurboTax Online units were up 11 percent compared to the same period last year. Intuit expects consumer tax revenue growth of approximately 11 percent for fiscal year 2012. “Our revenue growth this year benefitted from positive mix shifts within our TurboTax product lineup,” said Dan Maurer, senior vice president and general manager of Intuit's consumer group. “While the digital tax prep category grew at the lower end of our expectations this year, we believe we gained about one point of share online and are well positioned for long-term growth.” For the third quarter of fiscal 2012, Intuit now expects total company revenue to be at or slightly below the low end of its previous guidance range. The company expects operating income and earnings per share to be within its previous guidance ranges.