H&R Block 2Q loss narrows as revenue rises

Published: .
Updated: .

H&R Block's fiscal second-quarter loss narrowed, aided by cost-cutting. Revenue climbed mostly because strong business during tax season in Australia.

The nation's largest tax preparation company typically turns in a loss in the August-to-October period because it takes in most of its revenue during the U.S. tax season. H&R Block's quarterly performance beat analysts' estimates and its stock hit the highest level in more than two years.

For the three months ending Oct. 31, H&R Block lost $105 million, or 39 cents per share. A year earlier it lost $142 million, or 47 cents per share, for the quarter.

Its loss from continuing operations was 37 cents per share. Analysts expected a bigger loss of 41 cents per share.

H&R Block, based in Kansas City, Mo., prepared 25.6 million tax returns worldwide in fiscal 2012.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)