H&R Block Inc. swung to a fourth-quarter loss Thursday as the continuing struggles of its mortgage lending arm offset higher revenue in its tax and financial services divisions, The Associated Press reported.
The company reported losing $85.5 million, or 26 cents per share, during the February-April period, which is when the nation's largest tax preparer sees the majority of its revenue. By comparison, the company earned $587.5 million, or $1.79, during the same period a year ago, the AP reported.
Just counting continuing operations, the company said it earned $591.2 million, or $1.81 per share. By comparison, earnings from continuing operations during the same period a year ago totaled $541.7 million, or $1.63 per share, the AP reported. Revenues during the quarter grew 7.9 percent from about $2.18 billion to about $2.35 billion.
H&R Block announced in April that it will sell its Option One Mortgage Corp. to a subsidiary of private equity firm Cerberus Capital Management LP by October 31. The price won't be final until the sale closes but it's expected the company will sell Option One at a discount, the AP reported.
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
