Best Buy Raises FY20 Adj. EPS Outlook - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Tuesday, electronics retailer Best Buy Co., Inc. (BBY) provided outlook for the fourth quarter and raised its adjusted earnings and enterprise revenue guidance for the full-year 2020, based on the strong third-quarter profitability as well as improved expectations for the fourth quarter.

For fiscal 2020, the company now projects adjusted earnings in a range of $5.81 to $5.91 per share on enterprise revenue between $43.2 billion and $43.6 billion, with enterprise comparable sales growth of 1.0 to 2.0 percent.

Previously, the company expected adjusted earnings in a range of $5.60 to $5.75 per share on enterprise revenue between $43.1 billion and $43.6 billion, with enterprise comparable sales growth of 0.7 to 1.7 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.74 per share on revenues of $43.38 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, the company expects adjusted earnings in a range of $2.65 to $2.75 per share on enterprise revenue between $14.75 billion and $15.15 billion, with enterprise comparable sales growth of 0.5 to 3.0 percent. The Street is looking for earnings of $2.65 per share on revenues of $15.0 billion for the quarter.

For the third quarter, the company reported enterprise comparable sales growth of 1.7 percent.