Consumer electronics retailer Best Buy traded just below a buy point early Thursday after reporting better-than-expected fourth-quarter earnings and revenue. The report broke a string of eight consecutive year-over-year EPS declines.
Best Buy announced Thursday it had earned $2.72 per share in Q4, up 4% compared to last year, with sales declining less than 1% to $14.65 billion. Analysts predicted Best Buy Q4 EPS of $2.52 with revenue of $14.56 billion.
Best Buy stock advanced 1.5% to 80.85 during Thursday's market action. BBY shares had angled 0.8% higher to 79.68 Wednesday. The stock is currently in a double-bottom base with an official 85.40 buy point. Best Buy stock has advanced nearly 10% in February through Wednesday's close.
On Nov. 21, 2023, Best Buy beat Wall Street's Q3 earnings target, but sales were weaker than expected.
The Richfield, Minn.-based company earned $1.29 a share on sales of $9.76 billion in the quarter ended Oct. 28. Analysts polled by FactSet had expected earnings of $1.19 a share on sales of $9.9 billion.
Best Buy's Q3 results saw sales and earnings fall for eight straight quarters on a year-over-year basis.
That streak of EPS declines stopped in Q4.
In November, Best Buy forecast Q4 earnings of $2.49 a share on sales of $14.59 billion. That's based on the midpoint of its outlook. Analysts had been expecting earnings of $2.66 a share on sales of $15.18 billion in the fiscal fourth quarter.
Analysts generally have neutral to sell ratings on the stock. Citi raised its target to 67 from 60 on Feb. 20, with a sell rating. Wedbush raised to 75 from 70 in January, keeping a neutral rating on the stock.
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