Best Buy Inc. shares BBY, -0.
40% soared more than 10% in premarket trade Wednesday, after the electronics retailer blew past earnings estimates for its latest quarter, offered upbeat guidance, raised its dividend and announced a $3 billion share buyback. Minneapolis-based Best Buy said it had net income of $735 million, or $2.69 a share, in its fiscal fourth quarter to Feb. 2, up from $364 million, or $1.23 a share, in the year-earlier period. Adjusted per-share earnings came to $2.72, ahead of the FactSet consensus of $2.
It expects adjusted EPS of $5.45 to $5.65, compared with a $5.49 FactSet consensus. The company is raising its quarterly dividend by 11% to 50 cents a share. The new dividend will be payable April 10 to shareholders of record as of March 20. The board has approved a new $3 billion share buyback program, and plans to spend between $750 million and $1.0 billion on buybacks in fiscal 2020. Shares have fallen 15.6% in the last 12 months, while the S&P 500 SPX, -0.08% has gained 1.8%.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 10 best cars of 2019Consumer Reports has announced the best cars of 2019. Toyota and Subaru dominate the list while Audi, BMW, Ford, and Hyundai all make appearances.
Read more »
These are the 10 best cars, SUVs and pickups of 2019, according to Consumer ReportsConsumer Reports reveals its Top 10 picks for the best vehicles of 2019. It's an influential annual list that serves as a guide for many car shoppers.
Read more »
‘Roma’ Wins the Oscar for Best Foreign Language Film, First Mexican Film to Do So‘Roma’ wins the Oscar for Best Foreign Language Film, the first Mexican film to do so
Read more »
Best Buy shares soar 11% on earnings beatBest Buy shares surged on Wednesday after the company reported earnings and sales for the holiday quarter that topped analysts' expectations.
Read more »
'Beale Street' tops Spirit Awards, Glenn Close wins best actressTwo years after his 'Moonlight' triumphed on the eve of the Oscars, Barry Jenkins' adaptation of the novel 'If Beale Street Could Talk' topped the 34th Film Independent Spirit Awards.
Read more »
'Beale Street' tops Spirit Awards, Close wins best actressBarry Jenkins' adaptation of the James Baldwin novel 'If Beale Street Could Talk' tops the 34th Film Independent Spirit Awards, winning best film, best director and best supporting female for Regina King.
Read more »