Best Buy Guides FY20 In Line With Estimates; Boosts Dividend 11% - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter and full-year 2019 on Wednesday, Best Buy Co., Inc. (BBY) initiated earnings and revenue guidance for the full-year 2020 and the first quarter of 2020.

For fiscal 2020, the company projects adjusted earnings in a range of $5.45 to $5.65 per share on projected enterprise revenues range of $42.9 billion to $43.9 billion and enterprise comparable sales growth of 0.5% to 2.5%.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.49 per share on revenues of $43.39 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter of fiscal 2020, Best Buy expects adjusted earnings in a range of $0.83 to $0.88 per share on projected enterprise revenues range of $9.05 billion to $9.15 billion and enterprise comparable sales growth of flat to 1.0%.

The Street is looking for earnings of $0.83 per share on revenues of $9.18 billion for the quarter.

Additionally, the company announced its board of directors approved an 11% increase in the regular quarterly dividend to $0.50 per share, payable on April 10, 2019, to shareholders of record as of the close of business on March 20, 2019.

The board of directors also approved a new $3 billion share repurchase authorization for the company's common stock, replacing the existing authorization dated February 2017, which had $1.5 billion in purchases remaining. The company plans to spend between $750 million and $1.0 billion on share repurchases in 2020.