RICHFIELD, Minn. (AP) — Best Buy Co. (BBY) on Tuesday reported fiscal third-quarter earnings of $499 million.
The Richfield, Minnesota-based company said it had profit of $2 per share. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were $2.08 per share.
The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.95 per share.
The consumer electronics retailer posted revenue of $11.91 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $11.71 billion.
For the current quarter ending in January, Best Buy said it expects revenue in the range of $16.4 billion to $16.9 billion. Analysts surveyed by Zacks had expected revenue of $16.95 billion.
The company expects full-year revenue in the range of $51.8 billion to $52.3 billion.
Best Buy shares have risen 38% since the beginning of the year, while the S&P's 500 index has increased 25%. The stock has risen 16% in the last 12 months.