Intuit Inc. (INTU) – Get Report rode a 41% surge in fiscal fourth-quarter revenue to a strong quarterly performance and announced upbeat guidance after the bell Tuesday, helped by strength in its recently acquired Credit Karma unit.
The company posted adjusted earnings per share of $1.97 for its fiscal fourth quarter on revenue of $2.56 billion.
In the same period a year ago, the company posted earnings of $1.81 a share on sales of $1.8 billion.
Intuit had been expected to report earnings of $1.59 a share, on sales of $2.3 billion, based on a FactSet survey of 20 analysts.
“We had a very strong fourth quarter capping off an outstanding fiscal 2021,” said Sasan Goodarzi, Intuit's chief executive officer, in a statement. “Our momentum continues across the company with accelerated innovation focused on our customers' most important needs while creating durable growth opportunities for Intuit in the future.”
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During the quarter, Intuit's Credit Karma unit saw revenue of $405 million, a quarterly record for the business. Intuit completed its $3.4 billion acquisition of Credit Karma in December.
For its fiscal first quarter, Intuit said it expects revenue growth of approximately 36% to 38%, including Credit Karma. It said non-GAAP diluted earnings per share should come in between 94 cents and 99 cents.
For the full fiscal year, Intuit offered revenue guidance of $11.05 billion to $11.2 billion
Analysts surveyed by FactSet are forecasting full-year revenue of $9.4 billion.
Shares of Intuit rose $5.72, or 1%, to $559.74 in after-hours trading on Tuesday. In the regular session, the stock edged up 0.3%.
