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Best Buy (BBY) Q2 Earnings Beat Estimates, Stock Surge
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Best Buy Co., Inc. (BBY - Free Report) , the specialty retailer of consumer electronics, came out with second-quarter fiscal 2017 results, wherein adjusted earnings of 57 cents per share beat the Zacks Consensus Estimate of 42 cents, and increased 16% from the prior-year quarter.
Including one-time items and discontinued operations, quarterly earnings came in at 61 cents per share compared with 46 cents in the year-ago quarter.
Management now projects earnings in the range of 43 cents to 47 cents a share for the third quarter of fiscal 2017. The current Zacks Consensus Estimate for the third quarter now stands at 45 cents.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has witnessed a downtrend over the past 30 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 24.1%.
Revenues: Best Buy generated total revenue of $8,533 million, marginally up from $8,528 million reported in the year-ago period, and also came ahead of the Zacks Consensus Estimate of $8,401 million. Consolidated comparable-store sales rose 0.8%.
Management now forecasts Enterprise revenue between $8.8 billion and $8.9 billion and expects Enterprise comparable sales of approximately 1% during the third quarter of fiscal 2017.
Key Event: During the quarter under review, the company bought back 7.1 million shares for a total of $219 million.
Zacks Rank: Currently, Best Buy carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
Stock Movement: Best Buy’s shares are up nearly 14.4% during pre-market trading hours following the earnings release.
Check back later for our full write up on Best Buy’s earnings report!
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Best Buy (BBY) Q2 Earnings Beat Estimates, Stock Surge
Best Buy Co., Inc. (BBY - Free Report) , the specialty retailer of consumer electronics, came out with second-quarter fiscal 2017 results, wherein adjusted earnings of 57 cents per share beat the Zacks Consensus Estimate of 42 cents, and increased 16% from the prior-year quarter.
Including one-time items and discontinued operations, quarterly earnings came in at 61 cents per share compared with 46 cents in the year-ago quarter.
Management now projects earnings in the range of 43 cents to 47 cents a share for the third quarter of fiscal 2017. The current Zacks Consensus Estimate for the third quarter now stands at 45 cents.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has witnessed a downtrend over the past 30 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 24.1%.
BEST BUY Price, Consensus and EPS Surprise
BEST BUY Price, Consensus and EPS Surprise | BEST BUY Quote
Revenues: Best Buy generated total revenue of $8,533 million, marginally up from $8,528 million reported in the year-ago period, and also came ahead of the Zacks Consensus Estimate of $8,401 million. Consolidated comparable-store sales rose 0.8%.
Management now forecasts Enterprise revenue between $8.8 billion and $8.9 billion and expects Enterprise comparable sales of approximately 1% during the third quarter of fiscal 2017.
Key Event: During the quarter under review, the company bought back 7.1 million shares for a total of $219 million.
Zacks Rank: Currently, Best Buy carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
Stock Movement: Best Buy’s shares are up nearly 14.4% during pre-market trading hours following the earnings release.
Check back later for our full write up on Best Buy’s earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>