Target (NYSE:TGT) earnings for the retail company’s third quarter of 2019 have TGT stock soring on Wednesday. This is thanks to its adjusted EPS of $1.36, which is well above Wall Street’s estimate of $1.19. Revenue of $18.67 billion also handily beats out analysts’ estimates of $18.49 billion for the quarter.
Let’s see what else went right for TGT stock in the most recent Target earnings report.
- Adjusted per-share earnings are up 24.77% from $1.09 in the third quarter of 2018.
- Revenue is 4.77% better than the $17.82 billion reported during the same time last year.
- Operating income of $1.00 billion is a 22.10% increase YoY from $819 million.
- The Target earnings report also includes a net income of $714 million.
- That’s a 14.78% improvement over its net income of $622 million in the same period of the year prior.
Brian Cornell, chairman and CEO of Target, says this about the TGT stock earnings.
“The Target team did an excellent job serving our guests and executing our strategy throughout the third quarter. Our third quarter results are further proof of the durability of our strategy, as we’re seeing industry-leading strength across multiple metrics, from the top line to the bottom line.”
The Target earnings report also includes an update to its outlook for 2019. It now expects adjusted earnings per share to range from $6.25 to $6.45. The previous guidance was between $5.90 and $6.20. This is a boon to TGT stock by being above Wall Street’s estimate of $6.18 per share.
TGT stock was up 12.95% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.