Intuit reported 11 percent growth in total units sold of its TurboTax federal tax software as of Feb. 13, compared to last year.
Much of the growth came from Web versions of the consumer tax prep software. Intuit saw a 23 percent increase in sales of TurboTax Web units, from 4,928,000 to date to 6,049,000. However, sales of the desktop version of the software fell 1 percent from 4,363,000 to 4,317,000. The Free File version of TurboTax also fell 1 percent, from 611,000 units to 604,000.
As a result of the sales increase, Intuit raised its full-year consumer tax revenue guidance to 8 to 12 percent, up from 5 to 9 percent. The company also raised its full-year company revenue and earnings guidance, adjusting for the sale of the Intuit Real Estate Solutions business to Vista Equity Partners in December for about $128 million in cash.
Intuit also released its second-quarter revenue and earnings numbers, reporting that revenue increased 8 percent over the comparable quarter, to $837 million. Revenue was more than $20 million higher than the companys previous guidance, adjusted for the sale of the Intuit Real Estate Solutions business. On a GAAP basis, operating income grew 26 percent to $139 million. Non-GAAP operating income grew 20 percent, to $206 million, or $31 million over the top end of Intuits guidance range. For fiscal year 2010 the company expects revenue growth of 6 to 9 percent, or between $3.3 billion and $3.4 billion.
Earnings per share increased to $0.35 from $0.26 on a GAAP basis, and to $0.38 from $0.34 on a non-GAAP basis. The results exceeded analyst expectations. Analysts surveyed by Thomson Reuters had forecast earnings per share of $0.32 per share and $813.6 million in revenue.
