H&R Block 4Q profit rises, but misses Street view

Wednesday, June 12th, 2013 | Finance News

KANSAS CITY, Mo. (AP) — H&R Block Inc.'s fiscal fourth-quarter net income jumped 13 percent as cost cutting helped offset a difficult tax season, but the results missed market expectations.

The tax preparation company says it faced new hurdles with last-minute tax law changes, a delayed start to the filing season and new fraud controls.

H&R Block says its net income rose to $664.3 million, or $2.42 per share, for the quarter ended April 30. That's up from $586.1 million, or $1.99 per share, last year.

It earned $2.54 per share on an adjusted basis versus $2.05 per share last year.

Revenue increased to $2.2 billion from $2 billion.

Analysts, on average, anticipated earnings of $2.61 per share, on revenue $2.28 billion, according to FactSet

Shares fell 1 percent aftermarket after the results were released.