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Best Buy tops Street 2Q forecasts

In this Monday, May 22, 2017, photo, Edward Calixto walks out of a Best Buy store with his purchased LED TV, in Hialeah, Fla. Best Buy Co., Inc. reports earnings, Tuesday, Aug. 29, 2017. (AP Photo/Alan Diaz)

RICHFIELD, Minn. (AP) _ Best Buy Co. (BBY) on Tuesday reported fiscal second-quarter net income of $209 million.

The Richfield, Minnesota-based company said it had profit of 67 cents per share. Earnings, adjusted for one-time gains and costs, were 69 cents per share.

The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.

The consumer electronics retailer posted revenue of $8.94 billion in the period, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $8.66 billion.

For the current quarter ending in November, Best Buy expects its per-share earnings to range from 75 cents to 80 cents.

The company said it expects revenue in the range of $9.3 billion to $9.4 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $8.98 billion.

Best Buy shares have climbed 46 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 9 percent. The stock has risen 58 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBY at https://www.zacks.com/ap/BBY


Keywords: Best Buy, Earnings Report