H & R Block Inc (NYSE:HRB) said in its third-quarter results of its fiscal 2018 that tax season has gotten off to a good start, with more taxpayers turning to the company.
The tax preparation experts said that its total U.S. returns were higher than before through February 28. For the quarter, H&R Block brought in revenue of $488 million, a $37 million increase that also marked an 8% gain compared to the year-ago quarter.
The figure was aided by higher return volumes in both its Assisted and DIY tax preparation businesses. The company posted a loss from continuing operations of $1.16 per share, or 67 cents higher than its year-ago loss of 49 cents per share, due in part to the recent changes in the U.S. tax code, but the charge is unique to its third quarter and won’t affect the rest of its upcoming quarters.
H&R Block’s total U.S. return volume was 3.4% higher for the period, with Assisted returns gaining 0.7%, while DIY returns were 8.2% higher year-over-year. The former was aided by the promotion of the company’s Refund Advance no-interest loan and its Free Federal 1040EZ offer, while the latter saw continued product improvements, better partnerships and the company’s H&R Block More Zero promotion.
“I’m proud of what we have accomplished so far this tax season, with strong results in both the Assisted and DIY tax preparation categories,” said Jeff Jones, H&R Block’s president and CEO. “As we look to the second half of the tax season, we’ll continue to focus on execution as we leverage our products, partnerships and marketing to deliver on our financial outlook
HRB stock gained about 6.8% after the bell Tuesday.