Best Buy beats Street 3Q forecasts

Markets Associated Press

Best Buy Co. (BBY) on Thursday reported fiscal third-quarter profit of $194 million.

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The Richfield, Minnesota-based company said it had net income of 61 cents per share. Earnings, adjusted for one-time gains and costs, were 62 cents per share.

The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.

The consumer electronics retailer posted revenue of $8.95 billion in the period, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $8.84 billion.

For the current quarter ending in January, Best Buy expects its per-share earnings to range from $1.62 to $1.67. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.58.

The company said it expects revenue in the range of $13.4 billion to $13.6 billion for the fiscal fourth quarter.

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Best Buy shares have increased 33 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.5 percent. The stock has risen 28 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBY at https://www.zacks.com/ap/BBY

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Keywords: Best Buy, Earnings Report