Best Buy tops Street 2Q forecasts
Best Buy Co. (BBY) on Tuesday reported fiscal second-quarter earnings of $198 million.
On a per-share basis, the Richfield, Minnesota-based company said it had net income of 61 cents. Earnings, adjusted for one-time gains and costs, were 57 cents per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The consumer electronics retailer posted revenue of $8.53 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $8.4 billion.
For the current quarter ending in November, Best Buy expects its per-share earnings to range from 43 cents to 47 cents.
The company said it expects revenue in the range of $8.8 billion to $8.9 billion for the fiscal third quarter.
Best Buy shares have climbed almost 8 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 7 percent. The stock has risen slightly more than 4 percent in the last 12 months.
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 http://www.zacks.com/ap/BBY
Keywords: Best Buy, Earnings Report