H&R Block Inc. (NYSE: HRB) announced its financial results for the fourth quarter and fiscal year ended April 30, 2017.
For the fourth quarter of fiscal 2017, revenues increased from $2,297.5 million the same period last year to $2,327.9 million in the quarter ended April 30, 2017, beating estimates of $2,316 million. Adjusted earnings from continuing operations was $3.76 per share, also beating estimates of $3.51 per share. The increase was mainly due to the increase in revenues.
For full year 2017, revenue was $3,036.3 million, which was relatively flat with 2016. The result was mainly due to the improvement in the company’s assisted net average charge partially offset by the drop in return volume. Adjusted earnings from continuing operations increased from $1.53 per share to $1.96 per share, which was attributed to cost reduction of the company.
“We came into this year with a very aggressive goal to change the client trajectory. With competitive promotions, impactful marketing and an improved client experience, we achieved this goal and also produced strong financial results, all during a year in which the industry experienced a decline in returns,” Bill Cobb, the president and chief executive officer of H&R Block's, said in the statement this week.
“I couldn't be more proud of our team who delivered these impressive results,” he said.