The late start to tax season will re-arrange software maker Intuit Inc.’s revenues by about $120 million, according to the company’s latest outlook, released Tuesday.
Though the company reiterated its full-year guidance, it said that it expects a shift of tax revenue, as well as operating income and earnings per share, from its fiscal second quarter, which ended January 31, to its fiscal third quarter, as the Internal Revenue Service did not begin accepting tax returns until January 31.
For Q2, Intuit expects to report about $775-$780 million in revenue, a GAAP operating loss of $45-$50 million, a GAAP loss per share of 13-14 cents, and non-GAAP diluted earnings per share of 1-2 cents.
The expected shift will be approximately $120 million, with $80 million related to the delayed opening of the IRS, and $40 million related to state tax returns that were received but not processed before January 31.
Despite the shift, Intuit said that its full-year revenue or operating income will not be affected, and reiterated its guidance. It expects revenue growth of 6-8 percent, GAAP operating income growth of 9-12 percent, and GAAP diluted EPS growth of 10-13 percent.
“We are simply adjusting the timing, not our expectations,” said Sasan Goodarzi, senior vice president and general manager of Intuit’s Consumer Tax Group. “We remain optimistic about our strong brand campaign that has already received accolades, and are confident that new innovations across our end-to-end experience are already delivering in the current year.”
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