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Best Buy (BBY) Q3 Earnings & Sales Miss Estimates, Stock Down
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Best Buy Co., Inc. (BBY - Free Report) , the specialty retailer of consumer electronics, came out with third-quarter fiscal 2018 results, wherein adjusted earnings from continuing operations came in at 78 cents per share that missed the Zacks Consensus Estimate by a penny. However, it increased 30% from the prior-year quarter.
Best Buy Co., Inc. Price, Consensus and EPS Surprise
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has increased by a penny in the last 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 27.2%.
Revenues: Best Buy generated total revenue of $9,320 million, up 4.2% from the year-ago period but fell short of the Zacks Consensus Estimate of $9,353 million. Further, Enterprise comparable-store sales (comps) grew 4.4%.
Outlook: Best Buy raised its guidance for fiscal 2018 (comprising 53 weeks). Management projects Enterprise revenue to rise between 4% and 4.8% versus 4% guided earlier. Further, on 52-weeks basis, the same is expected to rise 3% year-over-year.
For the fourth quarter of fiscal 2018, Enterprise revenue is anticipated in the band of $14.2-$14.5 billion. Further, both the Enterprise and Domestic comps are expected to grow in the range of 1-3%. However, International comps are projected in the band of flat to up 3%. Moreover, adjusted earnings per share for the fiscal fourth quarter are anticipated in the range of $1.89-$1.99. The Zacks Consensus Estimate is pegged at $2.03.
Key Events: During the fiscal third quarter, Best Buy returned approximately $469 million via share repurchases and dividends. Moreover, it declared to buy back $3 billion of shares in the next two-year period.
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 down nearly 5% during the pre-market trading hours.
Check back later for our full write up on Best Buy’s earnings report!
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors.
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Best Buy (BBY) Q3 Earnings & Sales Miss Estimates, Stock Down
Best Buy Co., Inc. (BBY - Free Report) , the specialty retailer of consumer electronics, came out with third-quarter fiscal 2018 results, wherein adjusted earnings from continuing operations came in at 78 cents per share that missed the Zacks Consensus Estimate by a penny. However, it increased 30% from the prior-year quarter.
Best Buy Co., Inc. Price, Consensus and EPS Surprise
Best Buy Co., Inc. Price, Consensus and EPS Surprise | Best Buy Co., Inc. Quote
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has increased by a penny in the last 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 27.2%.
Revenues: Best Buy generated total revenue of $9,320 million, up 4.2% from the year-ago period but fell short of the Zacks Consensus Estimate of $9,353 million. Further, Enterprise comparable-store sales (comps) grew 4.4%.
Outlook: Best Buy raised its guidance for fiscal 2018 (comprising 53 weeks). Management projects Enterprise revenue to rise between 4% and 4.8% versus 4% guided earlier. Further, on 52-weeks basis, the same is expected to rise 3% year-over-year.
For the fourth quarter of fiscal 2018, Enterprise revenue is anticipated in the band of $14.2-$14.5 billion. Further, both the Enterprise and Domestic comps are expected to grow in the range of 1-3%. However, International comps are projected in the band of flat to up 3%. Moreover, adjusted earnings per share for the fiscal fourth quarter are anticipated in the range of $1.89-$1.99. The Zacks Consensus Estimate is pegged at $2.03.
Key Events: During the fiscal third quarter, Best Buy returned approximately $469 million via share repurchases and dividends. Moreover, it declared to buy back $3 billion of shares in the next two-year period.
Zacks Rank: Currently, Best Buy carries a Zacks Rank #3 (Hold), 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 down nearly 5% during the pre-market trading hours.
Check back later for our full write up on Best Buy’s earnings report!
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors.
Click here for Zacks' private trades >>