Target earnings for the first quarter of 2019 have TGT stock heading higher on Wednesday.
Target (NYSE:TGT) reported earnings per share of $1.53 for the first quarter of the year. This is an increase over the company’s earnings per share of $1.32 from the same period of the year prior. It was also good news for TGT stock by easily beating out Wall Street’s earnings per share estimate of $1.43 for the quarter.
The Target earnings report for the first quarter of 2019 has net income coming in at $795 million. This is better than the company’s net income of $718 million reported in the first quarter of 2018.
Operating income reported the in the Target earnings release for the first quarter of the year comes in at $1.14 billion. That’s up from the retail company’s operating income of $1.04 billion reported during the same time last year.
Target earnings for the first quarter of 2019 also include revenue of $17.40 billion. This is an improvement over the company’s revenue of $16.56 billion reported in the first quarter of the previous year. However, it still misses analysts’ revenue estimate of $17.50 billion for the period, but that isn’t keeping TGT stock down today.
The most recent Target earnings report has the company reaffirming its outlook for the full year of 2019. This includes it expecting earnings per share between $5.75 and $6.05. Wall Street is looking for TGT to report earnings per share of $5.83 for the year.
TGT stock was up 9% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.