What happened

Shares of H&R Block (HRB -0.57%) had jumped more than 17% as of 1:42 p.m. ET Wednesday after the tax preparation giant reported strong quarterly results after the bell Tuesday. It also raised guidance for its fiscal 2022, which runs through the end of June.

So what

For its fiscal 2022 third quarter, which ended March 31, H&R Block reported diluted earnings per share of $4.06 on total revenue of $2.06 billion. Both of those numbers beat analysts' consensus estimates.

Squiggly line on chart moving higher.

Image source: Getty Images.

"I'm very pleased with our overall tax season, led by another year of share gains in Assisted. As a result of our strong financial results, we are raising our fiscal 2022 guidance," President and CEO Jeff Jones said in a statement. "We grew small business clients, increased adoption of our virtual tools, and launched Spruce, our new mobile banking platform."

For the fiscal year, H&R Block now expects to generate revenue of between $3.38 billion and $3.43 billion, and report earnings before interest, taxes, depreciation, and amortization (EBITDA) of between $850 million and $875 million.

In its fiscal Q3, H&R Block repurchased roughly 10 million shares for $226 million. Thus far in this fiscal year, H&R Block has repurchased 13% of its outstanding shares.

Now what 

H&R Block is currently trading at about 14.5 earnings, but it has traded at higher multiples in the past. Additionally, the company has bought back shares aggressively and raised guidance, so the company looks well-positioned to further reward investors.