Categories Analysis, Earnings, Retail

Best Buy posts upbeat Q3 earnings ahead of Black Friday

The consumer electronics retailer posted third-quarter earnings before the opening bell on Tuesday, Nov. 20, beating market estimates.

GAAP earnings jumped 27% to $0.99 per diluted share, while Non-GAAP diluted earnings increased 19% to $0.93 per share. Revenue improved by 2.9% to $9.59 billion.

For the quarter that saw the GreatCall deal close, enterprise comparable sales rose 4.3%.

Analysts had expected Best Buy to post quarterly earnings of $0.85 per share for the quarter on revenue of $9.54 billion.

 

Best Buy third quarter 2019 Earnings Infographic

OUTLOOK

Best Buy raised its fiscal 2019 estimate of enterprise revenue to $42.5-42.9 billion. Enterprise comparable sales growth is now expected to be 4.0-5.0%. Non-GAAP earnings is touted to grow 15-17% to $5.09-5.192 per diluted share.

The electronics retailer also provided outlook for the fourth quarter of fiscal 2019. Enterprise revenue is now expected to be $14.4 billion-14.8 billion with enterprise comparable sales growth of 0.0-3.0%.

 

 

 

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