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H&R Block shares jump
Q4 profit beats expectations
Shares of H&R Block Inc. rose today after the tax preparer's quarterly earnings beat Wall Street expectations, driven largely by cost-cutting.
HRB (NYSE) was trading at $17.24 late in the trading day, up $1.58 or 10%, its highest level since early April, when reduced business volumes depressed the stock and shares dipped briefly below $14 in mid-May.
At the close of business yesterday, H&R Block reported a fiscal fourth-quarter profit of $706.9 million, or $2.09 per share, for the three months ended April 30. Street expectations anticipated a profit of $2.05 per share.
Analysts attributed H&R Block's ability to beat profit expectations to its deep reduction in operating expenses. The stock likely also got a boost from CEO Russ Smyth's description of the company's strategic plan during an earnings conference call. It was the first indication given by Smyth that he had developed a vision for the company. Smyth took over the CEO position last August. The strategic plan includes improving product offerings for retail and digital tax returns and investing more in training for H&R Block's tax professionals.
H&R Block is a tax preparation company in the United States, claiming more than 22 million customers worldwide, with offices in Canada, Australia and the United Kingdom. The Kansas City-based company also offers banking, personal finance and business consulting services.
Founded in 1955 by Brothers Henry W. and Richard Bloch, Block today operates 12,500 retail tax offices in the United States, plus another 1,400 abroad. In addition to Block's retail stores, they offer their own consumer tax software called "TaxCut", as well as online tax preparation and electronic filing from their website.
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Forward-Looking Statement: This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
