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H&R Block 2Q loss grows.
(From AFX Europe (Focus))
KANSAS CITY, Mo. (AFX) - H&R Block Inc. on Thursday said its second-quarter loss almost doubled, missing Wall Street expectations as the company's mortgage lending arm continued to hemorrhage cash.
The company said it will make a decision on whether to sell the mortgage business during the first quarter of 2007, with Chief Executive Mark Ernst telling reporters, "We think there will be a strong demand for it."
For the three months ended Oct. 31, the Kansas City-based company reported an overall loss of $156.5 million, or 49 cents per share, compared with a loss of $81.3 million, or 25 cents per share, during the same period a year ago.
Revenue during the period declined 7 percent to $563.2 million.
Analysts surveyed by Thomson Financial had expected a loss of 32 cents per share on revenue of $582.2 million.
H&R Block, the nation's largest tax preparer, regularly posts losses during its first and second quarters with the majority of its revenue coming during the U.S. tax season.
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