S&P 500 (NYSE:SPY) component Best Buy Co. (NYSE:BBY) swung to a loss in the third quarter, missing analysts’ forecast. Best Buy is a retailer that sells appliances, consumer electronics, home office products, and software.
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Best Buy Co. Earnings Cheat Sheet
Results: Reported a loss of $10 million (4 cents per diluted share) in the quarter. Best Buy Co. had a net income of $156 million or 42 cents per share in the year-earlier quarter.
Revenue: Fell 3.5% to $10.75 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Best Buy Co. reported adjusted net income of 3 cents per share. By that measure, the company fell short of mean estimate of 12 cents per share. It fell short of the average revenue estimate of $50.2 billion.
Quoting Management: “In line with trends experienced over the last three years, Best Buy’s third quarter financial performance was clearly unsatisfactory. On November 13, we shared our candid assessment of Best Buy’s situation and unveiled Renew Blue, a set of priorities to begin re-invigorating the company’s performance and rejuvenating Best Buy. The results we are reporting today only strengthen our sense of urgency and purpose,” said Hubert Joly, Best Buy president and CEO.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is $1.77 per share, down from $2 ninety days ago. For the fiscal year, the average estimate has moved down from $3.20 a share to $2.81 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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