Best Buy Co., Inc. (BBY – Free Report), the specialty retailer of consumer electronics, came out with third-quarter fiscal 2018 results, wherein adjusted earnings from continuing operations came in at 78 cents per share that missed the Zacks Consensus Estimate by a penny. However, it increased 30% from the prior-year quarter.

Best Buy Co., Inc. Price, Consensus and EPS Surprise

Best Buy Co., Inc. Price, Consensus and EPS Surprise | Best Buy Co., Inc. Quote

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has increased by a penny in the last 30 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 27.2%.

Revenues: Best Buy generated total revenue of $9,320 million, up 4.2% from the year-ago period but fell short of the Zacks Consensus Estimate of $9,353 million. Further, Enterprise comparable-store sales (comps) grew 4.4%.

Outlook: Best Buy raised its guidance for fiscal 2018 (comprising 53 weeks). Management projects Enterprise revenue to rise between 4% and 4.8% versus 4% guided earlier. Further, on 52-weeks basis, the same is expected to rise 3% year-over-year.

For the fourth quarter of fiscal 2018, Enterprise revenue is anticipated in the band of $14.2-$14.5 billion. Further, both the Enterprise and Domestic comps are expected to grow in the range of 1-3%. However, International comps are projected in the band of flat to up 3%. Moreover, adjusted earnings per share for the fiscal fourth quarter are anticipated in the range of $1.89-$1.99. The Zacks Consensus Estimate is pegged at $2.03.

Key Events: During the fiscal third quarter, Best Buy returned approximately $469 million via share repurchases and dividends. Moreover, it declared to buy back $3 billion of shares in the next two-year period.

Zacks Rank: Currently, Best Buy carries a Zacks Rank #3 (Hold), which is subject to change following the earnings announcement.