Shares of Walmart Inc. (WMT) are rising more than 7% Tuesday morning after reporting better-than-expected third-quarter results. The retail giant also raised its full-year outlook.
The company posted a loss of $1.80 billion or $0.66 per share in the third quarter, compared with profit of $3.11 billion or $1.11 per share in the prior-year quarter.
Results for the latest quarter included $1.11 per share of unrealized losses on equity and other investments and $1.05 per share of charges related to opioid legal settlements.
Excluding items, earnings were $1.50 per share, that beat the average estimate of 29 analysts polled by Thomson-Reuters of $1.32 per share.
Quarterly revenue increased to $152.8 billion from $140.5 billion last year. The consensus estimate was for $147.75 billion.
Looking forward, the company has raised its full-year outlook to reflect strong third quarter results.
For fiscal 2023, the company now projects adjusted earnings per share to decline 6 to 7 percent or 5 to 6 percent, excluding divestitures. Previously, the company expected adjusted earnings to decline about 9 to 11 percent or about 8 to 10 percent, excluding divestitures.
Sales growth outlook for the year has been raised to about '5.5% up' at constant currency from '4.5% up' provided earlier.
WMT is at $148.47 currently. It has traded in the range of $117.27-$160.77 in the last 1 year.
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