Categories Earnings, Retail

Dick’s Sporting Goods (DKS) stock surges on better-than-expected Q3 earnings, outlook

Dick’s Sporting Goods (NYSE: DKS) reported stronger-than-expected earnings and sales for the third quarter of 2019 and revised up its full-year earnings guidance. The stock moved up about 10% early Tuesday, soon after the announcement.

Consolidated same-store sales increased 6% during the three-month period, aided by strong growth in average ticket and transactions. Net sales advanced 5.6% annually to $1.96 billion and came in above the consensus estimate.

Dick’s Sporting (DKS) surges on better-than-expected Q3 results, guidance

Third-quarter net income was $57.6 million or $0.66 per share, compared to $37.8 million or $0.39 per share in the corresponding period of last year. Adjusted earnings were $0.52 per share. The bottom-line surpassed analysts’ forecast.

Related: Dick’s Sporting Q2 Earnings Conference Call Transcript

“We saw increases in both average ticket and transactions, as well as growth across each of our three primary categories of hardlines, apparel and footwear. As we head into the holiday season, we remain very enthusiastic about our business, and we are pleased to increase our full-year sales and earnings outlook for the third time this year,” said CEO Edward Stack.

The management raised its full-year 2019 earnings per share guidance to $3.63-3.73 and lifted adjusted earnings per share outlook to $3.50-3.60, both up from the previous range of $3.30-3.45. Capital expenditures are expected to be around $230 million in the whole of 2019 on a gross basis and around $200 million on a net basis, which represents an increase from the 2018 levels.

During the quarter, Dick’s repurchased around 2.8 million shares for $99.5 million. Earlier this month, it declared a quarterly dividend of $0.275 per share, which is payable in cash on December 31, 2019, to stockholders of record on December 13, 2019.

Also see: Foot Locker stock jumps as Q3 earnings rise

Dick Sporting’s shares gained about 20% since the beginning of the year, though they witnessed a high level of volatility during the period. The stock closed the last trading session slightly higher and gained sharply early Tuesday following the earnings report.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

ExxonMobil (XOM) Earnings: Q2 numbers top expectations

Energy giant ExxonMobil Corporation (NYSE: XOM) reported a profit for the second quarter of 2021, compared to a loss last year, even as operating conditions continued to improve. The results

Caterpillar reports a 29% rise in revenue in Q1

Caterpillar Inc (NYSE: CAT) reported second-quarter 2021 financial results before the regular market hours on Friday. The manufacturer of construction machinery and equipment reported Q2 revenue of $12.9 billion, up

Key highlights from Chevron (CVX) Q2 2021 earnings results

Chevron Corporation (NYSE: CVX) reported second-quarter 2021 earnings results today. Total revenues amounted to $37.5 billion compared to $13.4 billion in the year-ago period. The reported net income was $3.1

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top