Intuit Inc. Q1 Profit Decreases, But Beats Estimates

(RTTNews) - Intuit Inc. (INTU) reported earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings totaled $271 million, or $0.70 per share. This compares with $307 million, or $0.85 per share, in last year's first quarter.

Excluding items, Intuit Inc. reported adjusted earnings of $953 million or $2.50 per share for the period.

Analysts on average had expected the company to earn $2.36 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 10.2% to $3.283 billion from $2.978 billion last year.

Intuit Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $271 Mln. vs. $307 Mln. last year. -EPS (Q1): $0.70 vs. $0.85 last year. -Revenue (Q1): $3.283 Bln vs. $2.978 Bln last year.

-Guidance: Next quarter EPS guidance: $2.55 - $2.61 Next quarter revenue guidance: $3.812 - $3.845 B Full year EPS guidance: $19.16 - $19.36 Full year revenue guidance: $18.160 - $18.347 B