Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Intuit Q3 Earnings Beat Estimates, Revenues Rise Y/Y

Published 24/05/2024, 20:44
Intuit Q3 Earnings Beat Estimates, Revenues Rise Y/Y
INTU
-

Benzinga - by Zacks, Benzinga Contributor.

Intuit (NASDAQ: INTU) reported fiscal third-quarter 2024 non-GAAP earnings of $9.88 per share, which beat the Zacks Consensus Estimate by 5.78%. The bottom line jumped 11% from the year-ago quarter.

Revenues of $6.73 billion beat the consensus mark by 1.54% and increased 12% year over year.

Intuit Inc. Price, Consensus and EPS Surprise

Intuit Inc. price-consensus-eps-surprise-chart | Intuit Inc. Quote

Quarter Details Small Business and Self-Employed Group revenues (35.4% of total revenues) grew 18% year over year to $2.38 billion.

Within the segment, total Online Ecosystem revenues climbed 19% year over year to $1.8 billion.

QuickBooks Online Accounting revenues were up 19% year over year to $860 million, driven primarily by customer growth, higher effective prices and a mix-shift to INTU's full-service offering.

Online Services revenues, which include payroll, payments, time tracking and capital, jumped 20% year over year to $894 million. This was driven by strong performances of Mailchimp, QuickBooks Online Payroll and QuickBooks Online payments solutions.

Total international online revenues increased 12% year over year on a constant-currency basis.

Total Desktop Ecosystem revenues rose 14.5% year over year during the reported quarter to $633 million.

Revenues from Consumer Group (54.2% of total revenues) increased 9.3% to $3.65 billion.

Further, ProTax Group's professional tax revenues (3.8% of total revenues) rose 3.3% year over year to $254 million.

The Credit Karma business contributed $443 million to Intuit's fiscal third-quarter total revenues, which increased 8% year over year, driven by strength in Credit Karma Money, credit cards, auto insurance and personal loans.

Intuit's non-GAAP operating income climbed 10.5% to $3.71 billion. Non-GAAP operating margin contracted 70 basis points to 55.1% year over year.

Balance Sheet and Cash Flow As of Apr 30, 2024, Intuit's cash and investments were $4.7 billion compared with $1.48 billion as of Jan 31, 2024. The company exited the fiscal third quarter with a long-term debt of $5.952 billion.

Intuit repurchased $584 million of shares, with $2.1 billion remaining on the company's share repurchase authorization.

INTU announced that its board approved a quarterly dividend of 90 cents per share to be paid on Jul 18, 2024. The newly approved dividend represents a year-over-year increase of 15%.

Outlook For the fiscal fourth quarter of 2024, INTU expects revenues to grow between 13% and 14% on a year-over-year basis to the band of $3.063-$3.099 billion. Non-GAAP earnings for the quarter are estimated in the range of $1.80-$1.85 per share.

The company anticipates fiscal fourth quarter non-GAAP operating income between $688 million and $708 million.

Intuit projects fiscal 2024 revenues in the band of $16.164-$16.2 billion, indicating 13% growth.

The company anticipates non-GAAP operating income between $6.36 billion and $6.38 billion.

Intuit expects fiscal 2024 non-GAAP earnings per share between $16.79 and $16.84.

Zacks Rank & Other Key Picks Intuit carries a Zacks Rank #2 (Buy) at present. Shares of INTU have gained 6% in the year-to-date period.

Some other top-ranked stocks from the broader Computer and Technology sector are AppFolio (NASDAQ: APPF), Arista Networks (NYSE: ANET) and Alphabet (NASDAQ: GOOGL), each sporting a Zacks Rank #1 (Strong Buy) at present.

The Zacks Consensus Estimate for AppFolio's 2024 EPS has been revised upward by 13 cents to $3.97 in the past 30 days. Shares of APPF have surged 78.7% in the past year.

The Zacks Consensus Estimate for ANET's 2024 EPS has been revised upward by 43 cents to $7.92 in the past 30 days. Shares of Arista Networks have surged 125.7% in the past year.

The Zacks Consensus Estimate for Alphabet's 2024 EPS has been revised upward by 80 cents to $7.57 in the past 30 days. Shares of GOOGL have jumped 45.1% in the past year.

To read this article on Zacks.com click here.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.