Intuit chock full of moving parts
Intuit reported its fiscal fourth quarter results and detailed more than a few moving parts.
Moving part 1: CEO Steve Bennett is stepping down. Little explanation was given other than he wanted to "take some time off and explore the next challenge in my life." Worth noting: Bennett has been at the helm for 8 years and given CEOs work on dog years that comes out to be about 56 years for you and me. He posted stellar results while leading Intuit.
Moving part 2: Brad Smith takes over as CEO January 1. Smith is current vice president and general manager of Intuit's small business unit.
Moving part 3: Intuit also said it will spend $300 million in capital expenditures in fiscal 2008 with a big chunk of that spending going to new data centers.
As far as the results go, Intuit delivered a solid fourth quarter, generally its weakest. Intuit reported fourth quarter revenue of $432.7 million, up 31 percent, with a net loss of $13.6 million. Those results were better than expected, but the outlook was light relative to estimates. Intuit projected earnings excluding charges of $1.59 a share to $1.61 a share on revenue of $3 billion to $3.05 billion, a sum that would be up 12 percent to 14 percent from 2007.
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