Target earnings for the third quarter of 2018 have TGT stock taking a beating today on poor results.
Target (NYSE:TGT) starts of its earnings report for the third quarter of the year with earnings per share of $1.09. This is an increase over the company’s earnings per share of 90 cents in the third quarter of 2017. However, it was bad news for TGT stock by missing Wall Street’ earnings per share estimate of $1.12 for the period.
Net earnings report in the Target earnings report for the third quarter of 2018 came in at $622 million. This is better than the company’s net earnings of $478 million reported in the same period of the year prior.
Target’s operating income for the third quarter of the year was $819 million. The retail company reported operating income of $847 million during the third quarter of the previous year.
The Target earnings report for the third quarter of 2018 also includes revenue of $17.82 billion. This is up from the company’s revenue of $16.87 billion reported during the same time last year. It also beat out analysts’ revenue estimate of $17.80 billion for the quarter, but couldn’t save TGT stock today.
Target also takes time during its most recent earnings report to talk about its outlook for the full year of 2018.The company says that it is expecting earnings per share to range from $5.30 to $5.50 for the year. Wall Street is looking for earnings per share of $5.41 for the full year of 2018.
TGT stock was down 9% as of Tuesday morning, but is up 15% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.