HR Block Reports Financial Results for FY2024
Intellectia.AI Updated: 2024-08-15
H&R Block Reports Financial Results for FY2024
H&R Block, Inc. (NYSE:HRB) announced its financial results for the fiscal year ending June 30, 2024.
Key Financial Metrics
| Metric | FY2024 | YoY Change | FY2023 | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue (Billion $) | 3.6 | +4.0% | 3.46 | 3.58 |
| Earnings Per Share ($) | 4.14 | +16.3% | 3.56 | 4.3 |
| Adjusted Earnings Per Share ($) | 4.41 | +15.4% | 3.82 | - |
H&R Block reported solid financial growth for FY2024. The company's revenue increased by 4.0% YoY, totaling $3.6 billion. EPS from continuing operations saw a significant rise of 16.3%, reaching $4.14. Both metrics performed slightly better than the consensus estimates for the year.
Major Segment Revenue Performance
(Note: Detailed segment breakdown and comparison against previous guidance are not provided in the release)
Officer Comments
Jeff Jones, H&R Block's president and CEO stated, "In fiscal 2024, we made strides across our different products and services that provide value to our clients and help enable their financial confidence. We continue to make progress, gain new insight, and translate this client success into value for shareholders, and are well positioned to build on this momentum in fiscal 2025 and beyond."
Tony Bowen, CFO, added, "I am pleased with our financial performance in 2024 resulting in another year of strong free cash flow and capital allocation. In addition, today's announcement of a 17% dividend increase and new $1.5B share repurchase authorization reflects the Board's support of our strategy and confidence in our future."
Dividends and Share Repurchase Program
The company announced a 17% increase in its quarterly dividend to $0.375 per share, effective for the dividend payable on October 3, 2024. Additionally, H&R Block repurchased $350 million worth of shares in FY2024 and authorized a new $1.5 billion share repurchase program, replacing the previous one.
Forward Guidance
For FY2025, H&R Block expects: - Revenue to be in the range of $3.69 to $3.75 billion. - EBITDA to be between $975 million and $1.02 billion. - Effective tax rate to be approximately 13%, positively impacted by resolution of various tax matters. - Adjusted EPS to range from $5.15 to $5.35.
Stock Price Movement
Following the earnings release, H&R Block's stock price experienced an increase of 5.68%.
H&R Block has demonstrated consistent financial growth and confidence in its future prospects, as reflected by its raised dividend, continued share repurchase program, and optimistic forward guidance.
