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Intuit Inc. (NASDAQ: INTU) reported healthy Q4 results, ahead of expectations, while announcing slightly disappointing guidance. Credit Suisse’s Michael Nemeroff maintained a Neutral rating on the company, with a price target of $100.
Results Healthy
Intuit reported its FQ4 total revenue at $754.0 million, representing 8.3 percent y/y growth and beating the Street's $732.7 million. QBO subscribers of 1,513K, including 116K of net adds, was marginally higher than the CS estimate of 1,489K and Street expectation of 1,500K. The company reported its EPS at $0.08, significantly ahead of the Street’s $(0.01).
“INTU reported a good F4Q, in our view, with headline results including total revenue, OpM%, EPS, and cash flows above consensus and above the high-end of guidance,” analyst Nemeroff wrote.
Guidance Little Light
Management guided to F2017 revenue of $5,000-$5,100 million, representing 6.5-8.6 percent y/y growth. The mid-point of the guidance came in slightly below the Street's prior estimate of $5,084 million. The company guided to EPS of $4.30-$4.40 for the year, the mid-point of which was above the Street’s prior estimate of $4.33.
Nemeroff commented, “We continue to believe INTU's Consumer Tax franchise is best-of-breed and will continue to dominate its market. However, the Small Business segment faces intensifying competition, which we believe could weigh on subscriber unit economics / earnings power over time as mgmt. is forced to forego near-term monetization while chasing market share and subscriber growth, particularly internationally.”
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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