H&R; Block’s Profit Rises 23% in Quarter
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H&R; Block Inc.’s fourth-quarter net income rose 23% as it handled more tax returns and lent customers more money for mortgages. The world’s largest tax-preparation company also said Chairman Frank Salizzoni will retire later this year.
Profit in the quarter ended April 30 increased to $463.5 million, or $2.46 a share, exceeding the $2.44 average estimate of analysts polled by Thomson Financial/First Call. Revenue rose 12% to $1.9 billion.
Salizzoni said he would retire on Sept. 11. The board didn’t name a successor. He became chairman in September 2000, succeeding the company’s co-founder, Henry Bloch.
Salizzoni served as H&R; Block’s president and chief executive from June 1996 until January 2001, when Mark Ernst succeeded him.
The firm’s shares rose 53 cents to $46.79 on the NYSE. Earnings were announced after the close of trading.
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