Target Corporation (NYSE:TGT) stock was down on Wednesday following the release of its earnings report for the first quarter of 2018.
Earnings per share reported by Target Corporation for the first quarter of the year came in at $1.32. This is an increase over the company’s earnings per share of $1.20 from the same time last year. However, it wasn’t good news for TGT stock by coming in below Wall Street’s earnings per share estimate of $1.38 for the period.
During the first quarter of 2018, Target Corporation reported net income of $718 million. This is is an improvement over the retail company’s net income of $678 million reported in the same period of the year prior.
Target Corporation’s operating income for the first quarter of the year was sitting at $1.04 billion. This is a drop from its operating income of $1.16 billion that was reported for the first quarter of 2017.
Revenue reported by Target Corporation for the first quarter of 2018 was $16.78 billion. This is better than the company’s revenue of $16.22 billion that was reported in the first quarter of the previous year. It also came in above analysts’ revenue estimate of $16.50 billion for the quarter.
Target Corporation also took time during its most recent earnings report to reaffirm its outlook for the full year of 2018. The company says that it is expecting earnings per share for the period to range from $5.15 to $5.45. Wall Street is looking for TGT to report earnings per share of $5.28 for the year.
TGT stock was down 5% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.