Retail giant Wal-Mart Stores, Inc. ( WMT ) on Tuesday said its second quarter profit rose nearly 6% from last year, beating analyst estimates, and the company raised its full-year outlook.
The Bentonville, AR-based company reported second quarter net income of $3.8 billion, or $1.09 per share, compared with $3.6 billion, or 97 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.12 per share.
Total revenue rose 5% from last year to $109.37 billion.
On average, Wall Street analysts expected a smaller profit of $1.08 per share on lower revenue of $108.08 billion.
Looking ahead, the company forecast third quarter profit to range from 95 cents to $1 per share, while analysts expect 97 cents.
For the full year, WMT boosted its forecast to a range of $4.41 to $4.51 per share, up from a previous outlook of $4.35 to $4.50. Analysts are currently looking for $4.46 per share for the year.
Wal-Mart shares rose $1.12, or +2.2%, in premarket trading Tuesday.
The Bottom Line
Shares of Wal-Mart Stores ( WMT ) have a 2.92% dividend yield, based on last night's closing stock price of $49.93. The stock has technical support in the $45-$46 price area. If the shares can firm up, we see overhead resistance around the $51-$52 price levels.
Wal-Mart Stores, Inc. ( WMT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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