(Adds Outlook)
Target Corp. (TGT) announced earnings for fourth quarter that decreased from last year but beat the Street estimates.
The company's earnings came in at $876 million, or $1.89 per share. This compares with $1.54 billion, or $3.21 per share, in last year's fourth quarter.
Excluding items, Target Corp. reported adjusted earnings of $1.89 per share for the period.
Analysts on average had expected the company to earn $1.40 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 1.2% to $30.98 billion from $30.62 billion last year.
Outlook:
Looking ahead, for the first quarter, the company sees earnings below analysts' estimates. For the first quarter, TGT expects net and adjusted income per share of $1.50 - $1.90. Twenty-five analysts, on average, polled by Thomson Reuters expect the firm to record income per share of $2.14. For April quarter, the company expects a low-single digit decline to a low-single digit increase in sales.
Target Corp. projects its full-year net and adjusted income per share to be in the range of $7.75 to $8.75, better than Street estimates. Analysts, on average, expect the company to register earnings per share of $5.54. For 12-month period, TGT forecast a low-single digit decline to a low-single digit increase in sales.
Target Corp. Q4 earnings at a glance (GAAP) :
-Earnings (Q4): $876 Mln. vs. $1.54 Bln. last year.
-EPS (Q4): $1.89 vs. $3.21 last year.
-Analyst Estimates: $1.40
-Revenue (Q4): $30.98 Bln vs. $30.62 Bln last year.
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