Intuit Earnings Beat Estimates; Company Updates Full-Year Guidance

released its fiscal third-quarter earnings after the closing bell on Tuesday. The company reported revenues which were in-line with expectations and a profit which beat analysts' estimates. In late trade, shares were up a little less than one percent to $58.31. The company reported net income of $822 million or $2.71 per share, compared to $734 million or $2.42 per share, in the year ago period. On an adjusted basis, net income rose to $901 million or $2.97 per share, versus $763 million or $2.52 per share, in last year's third-quarter. This came in ahead of Wall Street consensus EPS estimates of $2.93. Sales in the quarter were up 13 percent to $2.18 billion from $1.93 billion last year. This mirrored analysts' consensus revenue expectations. Looking ahead to Q4, Intuit guided for EPS of $0.07 to $0.11 and adjusted EPS of $0.03 to $0.07 on revenue in a range between $702 million to $727 million. Currently, Wall Street is modeling Q4 earnings per share of $0.11 on revenue of $726.72 million. For the fiscal year, Intuit cut its earnings guidance from a range of $2.77 to $2.81 per share versus its previous outlook calling for EPS of $2.90 to $2.94. The company maintained its previous adjusted EPS guidance of $3.31 to $3.35. Intuit also reaffirmed its prior full-year revenue guidance of $4.50 billion to $4.52 billion. Currently, Wall Street anticipates the company will report EPS of $3.33 on revenue of $4.51 billion.