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Intuit posts fiscal Q3 net income of $1.20B

Intuit Inc. posted fiscal third-quarter GAAP net income of $1.20 billion, or $4.59 per share, compared with $964 million, or $3.70 per share, in the year-ago quarter.

The company reported non-GAAP net income for the quarter of $1.26 billion, or $4.82 per share, compared with $1.02 billion, or $3.90 per share, a year ago.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $4.68.

The company also established guidance for its fiscal fourth quarter, which ends July 31. It expects revenue of $940 million to $960 million. The company expects to report GAAP EPS of 4 cents to 6 cents for the fiscal fourth quarter and non-GAAP EPS of 22 cents to 24 cents during that period.

The S&P Capital IQ consensus normalized EPS estimate for the fiscal fourth quarter is 29 cents.

Intuit expects revenue between $5.92 billion and $5.94 billion for the fiscal year ending July 31. The company expects GAAP EPS of $4.50 to $4.52 for the year and non-GAAP EPS of $5.51 to $5.53.

The S&P Capital IQ consensus normalized EPS estimate for the company's fiscal 2018 is $5.44.

In addition to the earnings announcement, Dan Wernikoff, general manager of Intuit's consumer group, will step down from the role at the end of Intuit's fiscal year. Greg Johnson, senior vice president of marketing at Intuit, will replace Wernikoff as general manager of the Consumer Group.