Best Buy (NYSE:BBY) experienced a remarkable upswing of more than 5% in recent trading on Tuesday after the company’s fiscal Q2 results outperformed analysts’ forecasts.
The company’s fiscal Q2 non-GAAP earnings, which stood at $1.22 per diluted share, surpassed expectations, surpassing the figure of $1.07 projected by analysts polled by Capital IQ. This marks a decline from $1.54 recorded in the same period the previous year.
For the quarter ended July 29, revenue was reported at $9.58 billion, contrasting with the $10.33 billion achieved a year earlier. Despite the drop, this revenue figure still exceeded the $9.52 billion projected by analysts surveyed by Capital IQ.
In an update regarding fiscal 2024 projections, the retailer now anticipates non-GAAP earnings ranging from $6 to $6.40 per diluted share. This adjustment comes from a previous outlook of $5.70 to $6.50. Analysts surveyed by Capital IQ are forecasting earnings of $6.10. The company’s revised revenue projection for the fiscal year falls between $43.8 billion and $44.5 billion, as compared to the previous guidance of $43.8 billion to $45.2 billion. Analysts polled by Capital IQ expect revenue to reach $44.29 billion.
In terms of comparable sales, Best Buy now expects a decline of 4.5% to 6% for the fiscal year, adjusting from the previous outlook of a 3% to 6% decrease.
Furthermore, the company announced the maintenance of its quarterly dividend at $0.92 per share. This dividend is set to be paid on October 10 to shareholders of record on September 19.
Current Price: $77.98, Change: +$3.91, Percent Change: +5.28%