Shares of small business financial and tax prep software maker Intuit (INTU) are up 27 cents, or 0.4%, at $62.52 in late trading after the company this evening said it cut its outlook for the fiscal Q2� ended last month to a range of $960 million to $965 million, below the $1.03 billion the Street has been modeling, as some revenue shifted into Q3.
Intuit “expects an additional shift of tax revenue and GAAP and non-GAAP operating income from its second fiscal quarter to its third fiscal quarter due to the late passage of tax legislation and the Internal Revenue Service�s delay in opening e-file.”
Said Intuit consumer products general manager Dan Maurer, �The season began substantively later this year than prior years, but the initial results we�ve seen in early February give us confidence that we are on track.”
“Early indicators, including Web traffic, are trending in the right direction.�
The company elaborated:
In a typical year, the IRS begins accepting returns by mid-January. This year the IRS did not begin accepting any returns until Jan. 30, just two days before the end of Intuit�s second fiscal quarter.
The late start is not expected to affect full-year revenue or operating income for Intuit or the Consumer Tax and Accounting Professionals business segments. Intuit reiterated full-year revenue and operating income guidance. For fiscal year 2013, the company expects revenue growth of 10 to 12 percent; GAAP operating income growth of 12 to 14 percent; and non-GAAP operating income growth of 12 to 14 percent.
Full quarterly results will be announced on February 21st.
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