Bed Bath & Beyond Stock Takes Brutal Hit After Weak Q2 Earnings

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Bed Bath & Beyond stock was hit hard on Thursday following the release of its earnings report for the second quarter of 2018.

Bed Bath & Beyond Stock Takes Brutal Hit After Weak Q2 Earnings

During the second quarter of the year, Bed Bath & Beyond (NASDAQ:BBBY) reported earnings per share of 36 cents. This is a major drop from the company’s earnings per share of 67 cents from the same time last year. It is also a blow to Bed Bath & Beyond stock by coming in well below Wall Street’s earnings per share estimate of 50 cents for the period.

Bed Bath & Beyond’s earnings report for the second quarter of 2018 also includes net income of $48.64 million. The retail company’s net income from the second quarter of 2017 was $94.23 million.

Operating income reported by Bed Bath & Beyond for the second quarter of the year was $78.56 million. This is down from the company’s operating income of $168.85 million reported in the same period of the year prior.

Bed Bath & Beyond also reported revenue of $2.94 billion for the second quarter of 2018. This is the same as the company’s revenue that was reported in the same period of the year prior. However, it was bad news for Bed Bath & Beyond stock by missing analysts’ revenue estimate of $2.96 billion for the quarter.

Bed Bath & Beyond’s most recent earnings report also includes some updates to its guidance for 2018. The company says it now expects earnings per share for the year to come in at about $2.00. This is at the low end of its previous earnings per share guidance. This isn’t good news for BBBY stock as Wall Street is looking for earnings per share of $2.27 for the year.

BBBY stock was down 22% as of noon Thursday and is down 15% 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/2018/09/bed-bath-beyond-stock-down-on-q2-earnings/.

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