Best Buy (BBY) is expected to report Q3 earnings before the market open on Tuesday, November 20 with a conference call scheduled for 9:00 am ET. Analysts are looking for a profit of 12c on revenue of $10.73B. The consensus range is 4c-23c for EPS, and revenue of $10.43B-$11.48B, according to First Call. On August 21, Best Buy suspended its earnings guidance due to lowered expectations for industry wide sales and the uncertainty associated with several key product launches expected in 2H13. In addition, the company named Hubert Joly as CEO, who began his role in September. In its Q2 report, Best Buy said it would suspend buybacks for FY13 for the CEO transition and forecast annual free cash flow of $1.25B-$1.5B. On the associated conference call, Best Buy said that trends seen in Q2 won't extend to 2H "in the same way" and that it wasn't expecting major improvements in key international businesses. During the quarter, Joly outlined turnaround plans, which include cost cutting, rethinking store square footage, improving customer service in stores and creating a better online experience. Joly says Best Buy aspires to achieve over time an operating margin of 5%-6% and a return on invested capital of 13%-15%. Best Buy also hired Sharon McCollam, the retired COO and CFO of Williams-Sonoma (WSM), as its new Chief Administrative Officer and CFO. Bloomberg recently said founder Richard Schulze is still exploring a buyout offer and will likely seek a 30-day extension to conduct due diligence. The New York Post said sources close to the company believe Best Buy is open to considering a lowered bid from Schulze, possibly at around $20 per share. Analysts and investors will listen for comments from the company on the status of Schulze's bid, as well as any updates on its turnaround plan and how it views the holiday season. The company may also note any impact it is seeing on Q4 from Hurricane Sandy. Oppenheimer believes that Best Buy's new strategy fails to aggressively address the two factors that have hurt the company's results in recent years: price competition from online retailers and an ineffective store infrastructure.