Bed Bath & Beyond stock rockets more than 20% higher on outlook
Bed Bath & Beyond Inc. shares rocketed higher in the extended session Wednesday after the home-furnishings retailer's outlook topped Wall Street estimates. Bed Bath & Beyond shares rallied 22% after hours, following a 4.1% rise to close the regular session at $12.26. In a statement, the company said it expects "fiscal 2019 net earnings per diluted share will be about the same as fiscal 2018." Bed Bath & Beyond estimates fiscal 2018 earnings of "about $2" a share. Analysts surveyed by FactSet expect earnings of $1.99 a share for fiscal 2018, and $1.56 a share for fiscal 2019. The company reported fiscal third-quarter net income of $24.4 million, or 18 cents a share, compared with $61.3 million, or 44 cents a share, in the year-ago period. Revenue rose to $3.03 billion from $2.95 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 18 cents a share on revenue of $3.05 billion. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.