Intuit inc. INTU Shares are trading higher on Wednesday after the company reported better-than-expected financial results and released full-year revenue guidance above analysts’ estimates.
Intuit said fiscal fourth-quarter revenue fell 6% year-on-year to $2.4 billion, beating analysts’ average estimate of $2.34 billion, according to BenzingaPro. The company reported quarterly earnings of $1.10 per share, beating analysts’ average estimate of 98 cents per share.
“We had a very strong fourth quarter, ending the year on a high. We are more confident than ever in our long-term business strategy as we drive prosperity around the world,” said Sasan GoodarziCEO of Intuit.
Intuit expects fiscal first quarter revenue growth of approximately 23% to 25%. The company expects first-quarter earnings to be between $1.14 and $1.20 per share versus an estimate of $1.86 per share.
Intuit expects full-year 2023 revenue to be between $14.485 billion and $14.7 billion, compared to an estimate of $14.47 billion. The company expects adjusted earnings for the full year to be between $13.59 and $13.89 per share versus an estimate of $13.81 per share.
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- Keybanc analyst Josh Beck kept Intuit overweight and raised the price target from $475 to $525.
- Piper Sandler analyst Arvind Ramnani kept Intuit overweight and raised the price target from $500 to $553.
- Barclays analyst Raimo Lenschow kept Intuit at an overweight and raised the price target from $580 to $585.
INTU courses: Intuit has a 52-week high of $645.61 and a 52-week low of $339.36.
The stock was up 5.88% at $476 at press time.
Photo: Tony Webster from Flickr.