Best Buy Rises 6%; Revenue Beats View, Lifts Dividend

(RTTNews) - Shares of Best Buy Co., Inc. (BBY) are rising more than 6 percent Thursday morning after reporting fourth-quarter revenue above analysts' view. Also, the consumer electronics retailer increased its quarterly dividend by 2 percent to $0.94 per share.

Revenue for the fourth quarter declined to $16.646 billion from $14.735 billion last year, but beat the average estimate of analysts polled by Thomson-Reuters of $14.56 billion.

Net earnings dropped to $460 million or $2.12 per share from $495 million or $2.23 per share last year. The consensus estimate was for $2.52 per share.

The quarterly dividend will be payable on April 11, to shareholders of record on March 21.

BBY, currently at $84.91, touched a new high of $86.11 this morning.