H & R Block Inc (NYSE:HRB) stock was surging on Wednesday following the release of its earnings report for its fiscal second quarter of 2018.
During its fiscal second quarter of the year, H & R Block Inc reported losses per share of 71 cents. This is worse than its losses per share of 67 cents from the same time last year. Despite this, it will still good news for HRB stock by beating Wall Street’s losses per share estimate of 72 cents for the quarter.
HRB stock also got a boost today from revenue of $140.85 million in its fiscal second quarter of 2018. This is an increase over its revenue of $131.33 million that was reported in its fiscal second quarter of 2017. It also came in above analysts’ revenue estimate of $131.67 million for the period.
A net loss of $153.57 million was reported by H & R Block Inc in its fiscal second quarter of 2018. This is a larger net loss than the $146.22 million that was reported in the same quarter of the previous year.
H & R Block Inc points out that it typically reports a net loss during its fiscal second quarter of the year. It says that this is due to the nature of its business, which thrives more during tax season. It also notes that results from its fiscal second quarter usually only represents less than 5% of its yearly revenue and only about 15% of annual expenses.
HRB stock was up 7% as of noon Wednesday and is up 9% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.