H&R Block Inc. said last-minute changes to tax laws, a delayed start to the filing season and new fraud controls created hurdles for the company in this year’s tax season.
The tax preparation company was able to cut costs to help offset weaker revenue stemming from these conditions, but it reported fiscal fourth-quarter results that fell short of market expectations.
H&R said after the market closed Wednesday that it earned $664.3 million, or $2.42 per share, for the quarter that ended April 30.
That’s up from $586.1 million, or $1.99 per share, last year. It earned $2.54 per share, excluding one-time items.
Total revenue increased to $2.2 billion from $2 billion.