Minnesota-Based Best Buy Reports Healthy 3Q Earnings

RICHFIELD, Minn. (AP) — Best Buy Co. (BBY) on Tuesday reported fiscal third-quarter profit of $293 million.

The Richfield, Minnesota-based company said it had net income of $1.10 per share. Earnings, adjusted for one-time gains and costs, were $1.13 per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.04 per share.

The consumer electronics retailer posted revenue of $9.76 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $9.73 billion.

For the current quarter ending in January, Best Buy expects its per-share earnings to range from $2.65 to $2.75. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.64.

The company said it expects revenue in the range of $14.75 billion to $15.15 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $15.06 billion.

Best Buy expects full-year earnings in the range of $5.81 to $5.91 per share, with revenue ranging from $43.2 billion to $43.6 billion.

Best Buy shares have increased 40% since the beginning of the year, while the Standard & Poor's 500 index has increased 25%. The stock has climbed 19% in the last 12 months.