H & R Block Inc (NYSE:HRB) reported a wider-than-expected loss for its third quarter, while sales exceeded views.
The Kansas City, Mo.-based tax preparation behemoth reported revenues for Q3 increased 11%, to $519 million due to improved tax return volumes in both Assisted and DIY, as well as revenues from acquired franchises and Wave.
Loss per share from continuing operations increased $0.08 to $0.66 and adjusted loss per share from continuing operations increased $0.07 to $0.59.
The company reiterated its revenue growth and margin outlook for the full fiscal year.The company repurchased 2.8 million shares at an aggregate price of $66 million, bringing total repurchases for the year to 10.1 million shares at an aggregate price of $247 million.
“We’re making progress on our strategy to transform our business by connecting human expertise with technology to drive transparency and value for consumers and small business owners,” said CEO Jeff Jones.
During the third quarter of fiscal 2020, the company repurchased and retired 2.8 million shares at an aggregate price of $65.8 million, or $23.35 per share. Fiscal year-to-date repurchases total 10.1 million shares at an aggregate price of $246.8 million, or $24.36 per share.
As previously announced, a quarterly cash dividend of $0.26 per share is payable on April 1, 2020 to shareholders of record as of March 17. H&R Block has paid quarterly dividends consecutively since the company went public in 1962 and has increased its dividend in each of the past four fiscal years.
Block shares started Friday down $1.95, or 9.4%, to $18.88