May 17, 2007 / 8:11 PM / 12 years ago

Intuit profit up, announces stock buyback

Intuit President and Chief Executive Steve Bennett in an undated file photo. Intuit Inc. 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. REUTERS/Intuit, Inc./Handout

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.

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