Intuit Inc. (NASDAQ: INTU) stock rose over 5.9% on 24th May, 2019 (As of 10:37 am GMT-4; Source: Google finance) as the company has posted better than expected results for the third quarter of FY 19. The company has reported fiscal 2019 third-quarter net income of $1.38 billion compared with $1.19 billion in the year-ago period. The company now have over 14 million customers registered for Turbo, up from 5 million last season. INTU have approximately 70 offers this season focusing on four verticals, including credit card, lending, investing and mortgages. Further, INTU has posted another strong quarter in the Small Business and Self-Employed group with online ecosystem revenue growth of 38%, that exceeded the company’s target to grow better than 30%.
INTU in the third quarter of FY 19 has reported the adjusted earnings per share of $5.55. The company had reported the adjusted revenue growth of 12 percent to $3.27 billion in the third quarter of FY 19. The revenue grew due to 10% revenue growth in the consumer group and 19% revenue growth in the Small Business and Self-Employ group. The company has posted Non-GAAP operating income of $1.9 billion compared to $1.7 billion last year and 11% rise. During the third quarter, consumer group revenue rose 10%. TurboTax Online unit increased by 7% this season and overall unit grew 5%. For Strategic Partner group, INTU has posted $235 million of professional tax revenue for the third quarter, which is up 4% year-to-date. In Small Business, total Small Business and Self-Employed the revenue increased by 19% during the third quarter.
Additionally, INTU during the third quarter 2019, had repurchased $135 million of shares, with $2.8 billion remaining on the company’s authorization. The company has declared a quarterly dividend of $0.47 per share, payable July 18, 2019, which represents a 21 percent increase compared to last year.
Intuit expects an adjusted loss to be in the range of 16 cents to 14 cents for the fourth quarter 2019, and expects adjusted earnings to be in the range of $6.67 to $6.69 a share on revenue expected to be in the range of $6.74 billion to $6.76 billion for the year 2019. Analysts are expecting the loss of 16 cents a share for the fourth quarter 2019, and earnings of $6.54 a share on revenue of $6.66 billion for the year 2019.