What to Expect From Best Buy Earnings
Best Buy will report its third-quarter results Thursday before the U.S. markets open.
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Best Buy Co. Inc. (NYSE: BBY) will report its third-quarter earnings Thursday before the market open. Thomson Reuters has consensus estimates of $0.24 in earnings per share and $9.08 billion in revenue. The third quarter from the previous year had $0.18 in earnings per share and $9.36 billion in revenue.
Holiday spending on consumer electronics gear like smartphones, tablets and game controllers is expected to increase 2.5% year-over-year in 2014 and total $33.76 billion. The most wanted products are tablets, followed by laptop/notebook computers, TVs, smartphones and game consoles.
These five products are expected to account for more than 51% of all spending on consumer electronics gear for all of 2014, or about $108.8 billion of $211.3 billion in total sales. The data come from the Consumer Electronics Association (CEA). This is good news for Best Buy as a major retailer of consumer electronics.
For the coming Thanksgiving and Black Friday, Best Buy plans to open at 5 p.m. on Thanksgiving and at 8 a.m. on Black Friday.
On Monday Stifel maintained a Buy rating for Best Buy and raised its price target to $42 from $35. RBC Capital Markets also raised its price target to $40 from $36 and had an Outperform rating.
Over the weekend it was reported that Richard Schulze sold 500,000 shares at $35.41 per share for roughly $17.7 million as part of a 10b5-1 share sale plan.
Shares of Best Buy were trading near even at $35.50 Monday with two hours left in regular trading. The stock has a consensus analyst price target of $35.78 and a 52-week trading range of $22.15 to $44.35. The market cap is around $12 billion.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
