SAN FRANCISCO (Reuters) - Intuit Inc. INTU.O posted higher quarterly profit on Thursday, topping Wall Street forecasts, on strong demand for its TurboTax and QuickBooks software, sending shares up nearly 6 percent.
Intuit also raised its financial forecast for fiscal 2007 due to the strong quarter and announced a new stock buyback program for up to $800 million over the next three years.
Third-quarter net income for the fiscal period ended April 30 rose to $367 million, or $1.04 per share, from $299 million, or 84 cents per share, a year ago. Excluding items, the company said it posted a per-share profit of $1.13.
Analysts, on average, were expecting per-share profit before items of $1.07 on revenue of $1.11 billion, according to Reuters Estimates.
Revenue increased 21 percent to $1.15 billion during the U.S. tax season when the company known for its TurboTax tax preparation software generates most of its sales.
Looking forward to full-year fiscal 2007, Intuit said it expects revenue to range from $2.685 billion to $2.7 billion with earnings per share before items of $1.38 to $1.40.
This was above the company’s previous outlook and that of average Wall Street forecasts for revenue of $2.66 billion and per-share profit before items of $1.35.
Intuit shares rose nearly 6 percent to $29.30 in extended trade after a close of $27.72 on Nasdaq.
Our Standards: The Thomson Reuters Trust Principles.