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Big Lots Stock Tanks on Disappointing Q2 Earnings

Big Lots stock was falling hard on Friday following the release of its earnings report for the second quarter of 2018.

Big Lots Stock Tanks on Disappointing Q2 Earnings
Source: Shutterstock

Big Lots (NYSE:BIG) reported earnings per share of 59 cents for the second quarter of the year. This is a drop from the company’s earnings per share of 67 cents from the same time last year. It was also bad news for Big Lots stock by coming in below Wall Street’s earnings per share estimate of 67 cents for the quarter.

Net income reported by Big Lots for the second quarter of 2018 came in at $24.16 million. This is down from the retail company’s net income of $29.12 million that was reported in the second quarter of 2017.

During the second quarter of the year, Big Lots reported operating income of $34.32 million. The company’s operating income reported in the same period of the year prior was $47.96 million.

Big Lots also reported revenue of $1.22 billion for the second quarter of 2018. This matches the company’s revenue of $1.22 billion that was reported in the second quarter of the previous year. However, it was a blow to Big Lots stock by just missing analysts’ revenue estimate of $1.23 billion for the period.

Big Lots took time during its most recent earnings report to provide an update for its 2018 outlook. The company says it is now expecting earnings per share for the year to range from $4.40 to $4.55. This isn’t good news for Big Lots stock as Wall Street is looking for earnings per share of $4.57 in 2018.

BIG stock was down 8% as of Friday morning and is down 14% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/08/big-lots-stock-tanks-on-earnings-miss/.

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