Best Buy Adds 9% As Quarterly Earnings Surpass Estimates

(RTTNews) - Shares of Best Buy Co., Inc. (BBY) are rising more than 9% Tuesday morning after reporting better-than-expected third-quarter results.

Profit for the third quarter declined to $277 million or $1.22 per share from $499 million or $2.00 per share in the same quarter a year ago.

Excluding one-time items, earnings were $1.38 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $1.03 per share.

Quarterly revenue declined to $10.59 million from $11.91 million last year. The consensus estimate was for $10.31 billion.

Further, the company declared a quarterly dividend of $0.88 per share, to be payable on January 3, to shareholders of record as on December 13.

"We are updating our FY23 outlook to flow through our better-than-expected Q3 results while keeping our Q4 expectations unchanged," said Matt Bilunas, Best Buy CFO. "We now expect comparable sales to decline approximately 10% and our non-GAAP operating income rate2 to be slightly higher than 4.0%."

BBY is at $77.62 currently. It has traded in the range of $60.79-$121.87 in the last 52 weeks.