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NEW YORK — Financial software company Intuit Inc. on Wednesday said it continues to expect revenue to grow between 8 percent and 11 percent this fiscal year.
That would imply the maker of TurboTax and QuickBooks expects revenue for the year ending July 31, 2011, to reach between $3.73 billion and $3.84 billion, based on its reported $3.46 billion revenue in the last fiscal year.
Analysts polled by Thomson Reuters, on average, expect annual revenue of $3.8 billion, with estimate ranging from $3.76 billion to $3.83 billion.
Intuit forecast earnings per share for the fiscal year between $1.88 and $1.95 per share, or $2.36 to $2.43 per share on an adjusted basis. The company posted profit of $1.77 per share, or $2.11 on an adjusted basis, for the last fiscal year.
Wall Street is expecting fiscal-year 2011 earnings of $2.40 per share, with estimates ranging from $2.38 to $2.45. Analysts typically exclude one-time items from their estimates.
The forecast, which echoed the outlook issued last month, came as the Mountain View, Calif.-based company hosted its annual investor day. In a presentation at that event, CEO Brad Smith said the company will continue to grow even in a sluggish economy, by attracting customers with low-cost products that help them manage their finances.
"We can find ways to help our customers solve their important problems even in a downturn," he said. "We see this economy as a strategic advantage."
Among the main targets are taxpayers who now use storefront preparation services and might be enticed to try TurboTax, and consumers trying to get a better handle on their finances who may start using Mint.com. Small businesses and health care providers are also key markets for the company's financial management products.
Intuit is also "aggressively" expanding overseas, Smith said, because of the expected growth in developing countries.
For the current quarter, Intuit expects a loss of 23 cents to 25 cents per share — or 11 cents to 13 cents on an adjusted basis. Last year, the company posted a loss of 21 cents per share for the quarter, which traditionally sees a loss because of the seasonal nature of the business.
Analysts predict a first-quarter loss of 12 cents per share, with estimates from a loss of 10 cents to a loss of 13 cents.
The company expects fiscal first-quarter revenue growth of 9 percent to 11 percent. Based on its reported $493 million revenue, that implies revenue of $537.4 million to $547.2 million for the quarter.
Wall Street forecasts revenue of $520.2 million, with estimates ranging from $497.5 million to $528 million.
Intuit shares hit a 52-week high of $46.43 early in Wednesday's trading session, but then stumbled as the market declined. Shares dipped 18 cents to $45.65 in afternoon trading.
