40% soared more than 10% in premarket trade Wednesday, after the electronics retailer blew past earnings estimates for its latest quarter, offered upbeat guidance, raised its dividend and announced a $3 billion share buyback. Minneapolis-based Best Buy said it had net income of $735 million, or $2.69 a share, in its fiscal fourth quarter to Feb. 2, up from $364 million, or $1.23 a share, in the year-earlier period. Adjusted per-share earnings came to $2.72, ahead of the FactSet consensus of $2.
It expects adjusted EPS of $5.45 to $5.65, compared with a $5.49 FactSet consensus. The company is raising its quarterly dividend by 11% to 50 cents a share. The new dividend will be payable April 10 to shareholders of record as of March 20. The board has approved a new $3 billion share buyback program, and plans to spend between $750 million and $1.0 billion on buybacks in fiscal 2020. Shares have fallen 15.6% in the last 12 months, while the S&P 500 SPX, -0.08% has gained 1.8%.
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