Intuit earnings: A solid Q2 as Turbo Tax gains momentum

Intuit reported better than expected Q2 earnings and raised its full-year forecast.

Financial software maker Intuit reported better-than-expected results for its fiscal second quarter, highlighting the acceleration of Mint.com and the upswing momentum of the Turbo tax software. (Statement)

For the quarter, the company reported earnings of 35 cents per share, or 38 cents on a non-GAAP basis, on revenue of $837 million, an eight percent gain over the same quarter a year ago. Analysts had been expecting per-share earnings of 32 cents on $813.6 million in sales.

The company also noted that, based on the strong results, it was raising its full-year revenue and earnings guidance. For the year, the company expects revenue of $3.3 billion to $3.4 billion, a increase of 6-9 percent. It expects non-GAAP earnings of $1.97 to $2.04, an increase of 8-12 percent. In a statement, President and CEO Brad Smith, said:

We are very pleased that our fiscal second quarter revenue and earnings per share exceeded the top end of our guidance. While it is still early in the year, we are confident in our ability to perform well in the second half and therefore are raising our revenue and earnings guidance for the year.

For the third-quarter, the company expects revenue of $1.51 billion to $1.59 billion, an increase of 7-12 percent. Non-GAAP earnings for Q# are expected to be $1.75 to $1.85, representing growth of 8-12 percent.

In particular, the company said Turbo Tax units were up 11 percent through Feb. 13. In addition, "very strong growth" for Turbo Tax for Online helped drive 15 percent revenue growth in the company's Consumer Tax Group.

In addition to the acquisition of Mint.com, the company also launched its first product for the Indian market in December, an online personal finance tool. The company said Quicken Health Expense Tracker is also now available to more than 26 million health plan members.

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