Record tax season lifts H&R Block’s profits, outlook
H&R Block had its best tax season ever!
The company prepared taxes for over 23.5 million clients, bringing in $3 billion of revenue. The influx of business allowed H&R Block to post a profit of $543 million for their fiscal fourth quarter. This is a huge reversal from last year’s loss of $85 million for the same period.
H&R Block also benefited from the disposition of most of its mortgage business. Loan origination services of the company’s mortgage arm, Option One, ceased in December of last year. Option One serviced approximately $53 billion in subprime mortgages before being sold to Wilbur Ross (a frequent investor in troubled industries).
H&R Block revealed more good news by raising its earnings projection for the year and increasing its dividend by 5 percent. The stock is trading up over three percent today.
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Jun 30, 2008 at 7:09 pm
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