Walmart beats on Q3 earnings and raises guidance as online sales soar

President and CEO of Wal-Mart Stores, Inc Doug McMillonParas Griffin/Getty Images for 2017 ESSENCE Festival

Walmart on Thursday reported better-than-expected profits and raised full-year guidance, sending shares up 1.42% before the opening bell.

The retailer posted adjusted earnings of $1.08 a share, edging out the $1.01 that was expected by analysts surveyed by Bloomberg. But its bottom line came in at $124.9 billion, missing the $125.5 billion that was estimated. 

Meanwhile, its US same-store sales excluding fuel increased 3.4% and its ecommerce sales grew 43% nationwide. 

“We have momentum in the business as we execute our plan and benefit from a favorable economic environment in the US,” said CEO Doug McMillon in a press release.

“We’re accelerating innovation and utilizing technology to shape the future of retail. We’re making shopping at Walmart faster and easier. Our associates are equipped with the tools to serve customers better than ever before, and they’re doing a great job. With the holidays approaching, customers can count on Walmart to save them money, and we’ll also provide busy families with another important gift — time back in their day.”

Looking ahead, the company raised its full-year guidance and now sees its adjusted earnings in the range of $4.75 to $4.85 up from $4.65 to $4.80. 

On Wednesday, billionaire Warren Buffett’s Berkshire Hathaway disclosed that it had sold its last Walmart shares, ending a relationship that dated back more two decades.

Walmart was up 4.5% this year through Wednesday.

MI