H & R Block Inc (NYSE:HRB) reported its latest quarterly earnings results late in the day Tuesday, sending its shares plummeting despite the fact that its profit increased compared to its year-ago totals.
The tax preparation services provider unveiled its results for its fourth quarter of fiscal 2018, which yielded a total profit of $1.14 billion, or $5.42 per share. The figure was well ahead of the company’s year-ago totals of $780 million, or $3.75 per share.
On an adjusted basis, the company brought in earnings of $5.43 per share. H&R Block’s earnings also topped the Wall Street consensus estimate as analysts were projecting the company to earn $5.27 per share, according to data compiled by Thomson Reuters in its survey of analysts.
The company’s revenue tallied up to $2.39 billion from $2.33 billion in the year-ago quarter, marking a 2.6% improvement. For the year, the company reported earnings of $613.1 million, or $2.91 per share, while revenue amounted to $3.16 billion.
HRB stock fell about 13.2% after the bell on the news despite topping expectations in its earnings totals. The stock did manage to surge up about 0.7% during regular trading hours, ahead of its quarterly results.