Best Buy Co Inc (NYSE:BBY) stock was down on Thursday despite the company reporting an earnings beat for its fiscal first quarter of 2019.
During its fiscal first quarter of 2019, Best Buy Co Inc reported earnings per share of 82 cents. This is an increase over its earnings per share of 60 cents from the same time last year. It also comes in above Wall Street’s earnings per share estimate of 74 cents for the quarter.
Net income reported by Best Buy Co Inc for the first quarter of the year was $208 million. This is better than the electronics retailer’s net income of $188 million reported in the same period of the year prior.
Best Buy Co Inc’s operating income for its fiscal first quarter of 2019 came in at $265 million. This is a drop from the company’s operating income of $300 million that was reported in its fiscal first quarter of 2018.
Best Buy Co Inc also reported revenue of $9.11 billion for its fiscal first quarter of the year. The company’s revenue from the fiscal first quarter of the previous year was $8.53 billion. Analysts were looking for revenue of $8.73 billion for the period.
It’s likely that Best Buy Co Inc’s outlook for the fiscal full year of 2019 is what is dragging BBY stock down today. Despite the strong earnings beat for the quarter, the company isn’t increasing its fiscal 2019 outlook.
Best Buy Co Inc is still expecting earnings per share for fiscal 2019 to range from $4.80 to $5.00 on revenue between $41.00 billion and $42.00 billion. Wall Street is estimating earnings per share of $4.97 and revenue of $41.77 billion for the year.
BBY stock was down 7% as of noon Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.