H&R; Block Posts Profit on Mortgage Lending
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H&R; Block Inc., the world’s biggest tax preparation company, earned a second-quarter profit for the first time in its history because of a 20% increase in mortgage lending earnings. Its shares rallied in after-hours trading.
Net income was $10.4 million, or 6 cents a share, contrasted with a loss of $37.3 million, or 21 cents, a year earlier. Analysts surveyed by Thomson First Call expected a 6-cent loss.
The company increased its annual earnings forecast to a range of $3.65 to $3.85 a share, from a previous estimate of $3.56 to $3.72.
H&R; Block, which typically earns most of its profit in the three months ahead of the April 15 U.S. tax day, has focused on mortgages to provide year-round income.
The company’s shares rose $1.90 to $51.30 in after-hours trading, after closing up 25 cents at $49.40 on the NYSE.
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