Best Buy Co., Inc. (BBY - Free Report) , the specialty retailer of consumer electronics, came out with third-quarter fiscal 2017 results, wherein adjusted earnings of 62 cents per share beat the Zacks Consensus Estimate of 47 cents, and increased 51% from the prior-year quarter.
Including one-time items from continuing operations, quarterly earnings came in at 60 cents per share compared with 37 cents in the year-ago quarter.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has trended upward in the past 7 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 22%.
Revenues: Best Buy generated total revenue of $8,945 million, which came ahead of the Zacks Consensus Estimate of $8,841 million and inched up 1.4% from the year-ago period. Comparable-store sales rose 1.8%.
Outlook: Management projects earnings in the range of $1.62–$1.67 a share for fourth-quarter fiscal 2017. For fourth quarter of fiscal 2017, management forecasts Enterprise revenue in the band of $13.4–$13.6 billion and expects Enterprise comparable sales between -1% to 1.
Key Event: During the quarter under review, Best Buy bought back 5.4 million shares for a total of $201 million. Also, the company paid dividends worth $89 million.
Zacks Rank: Currently, Best Buy carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Movement: Best Buy’s shares are up nearly 7.5% 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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