H&R Block Earnings and Stock Buyback

H&R Block jumped higher yesterday by 6% at the open after the company posted a smaller loss and better revenue than anticipated. The company also announced a stock buyback program of $3.5 billion in addition to closing its banking business a month ahead of schedule.

The company’s adjusted gross earnings for the first quarter came in at a loss of $96 million with revenue of $138 million. Analyst were looking for $108 million loss, the same as last year, and revenue of $134 million.

The stock buyback program will be completed in August of 2016. The program includes a Dutch auction of $1.5 billion in stock between the prices of $37 and $32.25.

What to Watch Tuesday: Discount Retailer Earnings; Motor Vehicle Sales