February 11, 2014 / 10:31 PM / 4 years ago

UPDATE 1-Intuit cuts Q2 earnings estimates due to delayed tax season

(Adds details from statement, background on tax season)

Feb 11 (Reuters) - Intuit Inc, developer of tax-preparation software TurboTax, slashed its earnings estimate for the second quarter due to a delayed start to the U.S. tax-filing season.

The U.S. Internal Revenue Service delayed by 10 days to Jan. 31 the date on which Americans can begin filing their 2013 individual tax returns due to complications related to the government shutdown in October.

Intuit cut its adjusted earnings estimate to 1-2 cents per share for the quarter ended Jan. 31, from the 25 to 27 cents it expected earlier.

The company reduced its revenue estimate to $775 million-$780 million, from $890 million-$910 million.

Intuit said it expected about $120 million of revenue to shift to the current quarter from the second, of which $80 million is related to the delayed start to the tax-filing season.

“We are simply adjusting the timing, not our expectations,” Sasan Goodarzi, senior vice president and general manager of Intuit’s Consumer Tax Group, said in a statement.

Intuit said the delayed start to the tax season would not impact full-year expectations and reiterated its fiscal 2014 forecast of adjusted earnings growth of 10-13 percent.

The company is scheduled to report second-quarter results on Feb. 20.

Intuit shares were down marginally in extended trading. They closed at $72.72 on the Nasdaq on Tuesday. (Reporting by Aman Shah and Aditi Shrivastava in Bangalore; Editing by Ted Kerr and Sriraj Kalluvila)

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