Best Buy Co., Inc. (BBY - Analyst Report), the specialty retailer of consumer electronics, came out with second-quarter fiscal 2017 results, wherein adjusted earnings of 57 cents per share beat the Zacks Consensus Estimate of 42 cents, and increased 16% from the prior-year quarter.

Including one-time items and discontinued operations, quarterly earnings came in at 61 cents per share compared with 46 cents in the year-ago quarter.

Management now projects earnings in the range of 43 cents to 47 cents a share for the third quarter of fiscal 2017. The current Zacks Consensus Estimate for the third quarter now stands at 45 cents.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has witnessed a downtrend over the past 30 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 24.1%.

BEST BUY Price, Consensus and EPS Surprise

BEST BUY Price, Consensus and EPS Surprise | BEST BUY Quote

Revenues: Best Buy generated total revenue of $8,533 million, marginally up from $8,528 million reported in the year-ago period, and also came ahead of the Zacks Consensus Estimate of $8,401 million. Consolidated comparable-store sales rose 0.8%.

Management now forecasts Enterprise revenue between $8.8 billion and $8.9 billion and expects Enterprise comparable sales of approximately 1% during the third quarter of fiscal 2017.

Key Event: During the quarter under review, the company bought back 7.1 million shares for a total of $219 million.

Zacks Rank: Currently, Best Buy carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

Stock Movement: Best Buy’s shares are up nearly 14.4% during pre-market trading hours following the earnings release.