The White Rhino's Investment Group

[mikeanthony]

Best Buy Falling After Failing To Meet Q3 Estimates [BBY]

12/12/2006 8:45:49 AM Best Buy Co. (BBY) reported third quarter EPS of $0.31 Tuesday morning, compared to $0.28 per share last year. Analysts expected earnings of $0.35 per share.

Revenues for the quarter rose to $8.47 billion from $7.33 billion in the comparable quarter a year-ago. The consensus revenue estimate came in at $8.41 billion.

The company said it remains on track to deliver annual earnings per diluted share of $2.65 to $2.80 due to new store openings, market share gains and expense controls. The company still expects earnings per share growth of 20% in fiscal 2007. Analysts expect earnings of $2.81 per share. The company expects to generate revenue growth approaching 16% for the fiscal year.

Best Buy closed up .79 at $53.92 Monday, near the middle of a month and a half range. The stock is down 2.74 at 317K shares in pre-market trading Tuesday.