Best Buy and More of the Biggest Earnings Winners From The Past Week

May 27, 2017 by Chris Lange

Although the main part of earnings season has passed there are still some major companies reporting, and there have been a few standouts, helping the broad markets hit new highs this past week. Perhaps one of the biggest winners was Best Buy Co. Inc. (NYSE: BBY), which hit a new all-time high. However, we have has put together a list of the other major winners from earnings that took place this past week.

24/7 Wall St. has included some of the highlights from these earnings reports as well as the consensus price target and a recent trading history of the stock.

Best Buy

Best Buy reported its fiscal first-quarter financial results early Thursday. The company said that it had $0.60 in earnings per share (EPS) and $8.53 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $0.40 in EPS and revenue of $8.28 billion. In the same period of last year, the retailer posted EPS of $0.44 and $8.44 billion in revenue.

Total revenues rose by 1% in the quarter, with comparable sales rising 1.6%. Domestic revenue of $7.9 billion increased 1.1% from last year, driven by comparable sales growth of 1.4%, partially offset by the loss of revenue from 12 large format and 40 Best Buy Mobile store closures. International revenue of $616 million increased 0.3%, driven primarily by comparable sales growth of 4.0% due to growth in both Canada and Mexico.

In terms of guidance for the coming quarter, the company expects to see EPS in the range of $0.57 to $0.62 and revenues between $8.6 billion and $8.7 billion, with comparable sales rising 1.5% to 2.5%. The consensus estimates are $0.59 in EPS and $8.48 billion in revenue.

Shares of Best Buy closed the week at $58.97, with a consensus analyst price target of $55.15 and a 52-week trading range of $28.76 to $61.95. Over the course of the week, the stock rose 15%.

Pure Storage

On Wednesday, Pure Storage Inc. (NYSE: PSTG) released its fiscal first-quarter financial results. The company posted a net loss of $0.14 per share and $182.6 million in revenue. Consensus estimates had called for a net loss of $0.23 per share on revenue of $176.4 million. The same period of last year reportedly had a net loss of $0.21 per share and $139.9 million in revenue.

The company issued guidance for the second quarter with revenues in the range of $214 million to $222 million, versus consensus estimates of a net loss of $0.14 per share and $220.4 million in revenue. At the same time, Pure Storage expects full year revenues in the range of $975 million to $1.025 billion, compared with consensus estimates of a net loss of $0.28 per share and $997.12 million in revenue.

Tim Riitters, Pure Storage chief financial officer, commented:

Q1 was a strong quarter for Pure, with our results notably exceeding both top line and bottom line guidance. We continue to drive strong year over year improvement in operating leverage as we drive to our $1 billion full year revenue target.

Shares of Pure Storage closed Friday at $12.74, with a consensus price target of $14.98 and a 52-week range of $9.12 to $15.14. Over the course of the week, the stock rose 28%.

Container Store

When Container Store Group Inc. (NYSE: TCS) posted its fiscal fourth-quarter financial results late on Tuesday, the company said that it had $0.17 in EPS and $221.0 million in revenue. That compared with consensus estimates of $0.09 in EPS on revenue of $214.73 million. In the year-ago period, the retailer posted EPS of $0.07 and $209.9 million in revenue.

Comparable store sales were down 0.2%. The Easter timing shift benefited the quarter’s comparable store sales by approximately 0.6%.

The company expects to see EPS in the range of $0.25 to $0.35 and net sales between $830 million and $850 million for the 2017 fiscal year. The consensus estimates are $0.24 in EPS and $839.59 million in revenue.

Container Store shares closed Friday at $5.68, with a consensus price target of $5.35 and a 52-week range of $3.75 to $8.34. Last week, the stock rose 41%.

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