Starbucks meets 1Q profit forecasts

IndustriesAssociated Press

Starbucks Corp. (SBUX) on Thursday reported fiscal first-quarter net income of $751.8 million.

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The Seattle-based company said it had net income of 51 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 52 cents per share.

The results met Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was also for earnings of 52 cents per share.

The coffee chain posted revenue of $5.73 billion in the period, which did not meet Street forecasts. Nine analysts surveyed by Zacks expected $5.83 billion.

Starbucks expects full-year earnings in the range of $2.12 to $2.14 per share.

Starbucks shares have climbed 5.5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 3 percent. In the final minutes of trading on Thursday, shares hit $58.57, falling slightly 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 SBUX at https://www.zacks.com/ap/SBUX

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Keywords: Starbucks, Earnings Report, Priority Earnings