Best Buy stock got a boost on Tuesday following the release of its earnings report for its third quarter of fiscal 2019.
Best Buy’s (NYSE:BBY) earnings report for the third quarter of the fiscal year includes earnings per share of 93 cents. This is better than the company’s earnings per share of 78 cents from the same time last year. It was also good news for Best Buy stock by beating out Wall Street’s earnings per share estimate of 85 cents for the quarter.
During the third quarter of fiscal 2019, Best Buy reported net income of $277 million. This is an increase over the company’s net income of $239 million reported in the third quarter of fiscal 2018.
Operating income reported by Best Buy for the third quarter of the fiscal year came in at $322 million. The electronics retail company’s operating income reported in the third quarter of the previous fiscal year was $350 million.
Best Buy also reported revenue of $9.59 billion for the third quarter of fiscal 2019. This is up from the company’s revenue of $9.32 billion reported in the same period of the year prior. It was also a boon to Best Buy stock today by coming in above analysts’ revenue estimate of $9.57 billion for the quarter.
Best Buy took time during its most recent earnings report to update its guidance for fiscal 2019. The company is now expecting earnings per share for the period to range from $5.09 to $5.19 on revenue between $42.50 billion and $42.90 billion. Wall Street is looking for earnings per share of $5.11 on revenue of $42.76 billion for the fiscal year.
BBY stock was up 5% as of Tuesday morning, but is down 10% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
