Best Buy Earnings: BBY Stock Heads Lower Despite Q1 Beat

BBY beat Q1 EPS and revenue estimates

Best Buy earnings for the first quarter of fiscal 2020 have BBY stock falling lower on Thursday.

Best Buy Earnings: BBY Stock Heads Lower Despite Q1 Beat
Source: Best Buy

Best Buy (NYSE:BBY) starts off its earnings report for the first quarter of the fiscal year with earnings per share of $1.02. This is up from the company’s earnings per share of 82 cents in the first quarter of fiscal 2019. It also easily beats out Wall Street’s earnings per share estimate of 86 cents for the period, but BBY stock is still down today.

Net income reported in the Best Buy earnings release for its first quarter of fiscal 2020 comes in at $265 million. That’s better than the company’s net income of $208 million reported in the same period of the year prior.

The Best Buy earnings report for its first quarter of the fiscal year also includes operating income of $334 million. This is an increase over the company’s operating income of $265 million reported in the first quarter of the previous fiscal year.

Best Buy earnings for the first quarter of fiscal 2020 have revenue coming in at $9.14 billion. This is an improvement over the company’s revenue of $9.11 billion reported during the same time last year. It also comes in above analysts’ revenue estimate of $9.13 billion for the quarter, but couldn’t stop BBY stock from falling today.

Best Buy’s outlook for the fiscal full year of 2020 is likely behind the fall of BBY stock today. The company is still expecting earnings per share for the year to range from $5.45 to $5.65. Wall Street is looking for earnings per share of $5.66 for the year.

BBY stock was down 5% as of noon Thursday.

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/2019/05/best-buy-earnings-hit-bby-stock/.

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