Best Buy Q4 Earnings Surge, Boosts Dividend - Quick Facts

(RTTNews) - Electronics retailer Best Buy Co., Inc. (BBY) reported that fourth-quarter net earnings surged to $519 million or $1.46 per share from $293 million or $0.83 per share in the prior-year quarter.

Net earnings from continuing operations also increased to $524 million or $1.47 per share from $300 million or $0.85 per share last year.

Excluding certain items, adjusted net earnings from continuing operations for the quarter was $1.48 per share, compared to $1.20 per share in the year-ago quarter.

On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $1.35 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $14.21 billion from $14.03 billion in the same quarter last year. Analysts expected revenues of $14.35 billion. Comparable sales increased 282 percent.

Separately, announced that its Board of Directors authorized a plan to return excess capital to shareholders through a special, one-time dividend of $0.51 per share, or about $180 million, and a 21 percent increase in the regular quarterly dividend to $0.23 per share.

The special cash dividend and the regular quarterly cash dividend will be payable on April 14, 2015 to shareholders of record as of the close of business on March 24, 2015.

Further, the company also announced the resumption of share repurchases under the existing $5 billion authorization, with the intent to repurchase $1 billion worth of shares over the next three years.