Best Buy Co. (BBY) on Thursday reported fiscal first-quarter earnings of $265 million.
The Richfield, Minnesota-based company said it had net income of 98 cents per share. Earnings, adjusted for amortization costs, came to $1.02 per share.
Continue Reading Below
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
The consumer electronics retailer posted revenue of $9.14 billion in the period, which met Street forecasts.
For the current quarter ending in August, Best Buy expects its per-share earnings to range from 95 cents to $1.
The company expects full-year earnings in the range of $5.45 to $5.65 per share.
Best Buy shares have climbed 31% since the beginning of the year, while the Standard & Poor’s 500 index has risen 14%. The stock has fallen slightly more than 8% in the last 12 months.
Advertisement
_____
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on BBY at https://www.zacks.com/ap/BBY
