Best Buy (NYSE:BBY) earnings for the electronics retailer’s fiscal third quarter of 2020 have BBY stock heading higher on Tuesday. This comes from its adjusted diluted EPS of $1.13. That beats out Wall Street’s estimate of $1.03 for the period. Revenue of $9.76 billion is also better than analysts’ $9.70 billion estimates.
Now for a deeper dive into the most recent Best Buy earnings report.
- Adjusted diluted per-share earnings are up 21.51% from 93 cents during the same time last year.
- Revenue is 1.77% better than the $9.59 billion reported in the fiscal third quarter of 2019.
- Operating income of $395 million is a 22.67% increase over $322 million in the same period of the year prior.
- The Best Buy earnings report also includes a net income of $293 million.
- That’s a 5.78% improvement over its net income of $277 million reported in fiscal Q3 2019.
Corie Barry, CEO of Best Buy, says this about the current BBY stock earnings.
“We are delivering on our purpose to enrich lives through technology by providing customers the products and solutions they want and need, combined with fast and convenient fulfillment. We are excited about our progress and opportunities as we execute on our Building the New Blue strategy, designed to develop deeper relationships with our customers and uniquely position us over the long term.”
The Best Buy earnings report also includes a guidance update for fiscal 2020. It now expects adjusted diluted earnings per share to range from $5.81 to $5.91. The update also has revenue expectations between $43.20 billion to $43.60 billion. This update is a boon to BBY stock compared to Wall Street’s estimates of $5.74 per share and $43.38 billion.
BBY stock is up 9.37% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.