UPDATE: Wal-Mart Shares Surge On Upbeat Q3 Earnings

Shares of Wal-Mart Stores WMT gained more than 2% in pre-market trading after the company reported upbeat results for the third quarter. The Bentonville, Arkansas-based company posted quarterly net income of $3.71 billion, or $1.15 per share, versus $3.74 billion, or $1.14 per share, in the year-ago period. Its sales climbed to $119 billion from $115.7 billion. However, analysts were expecting earnings of $1.12 per share on revenue of $118.4 billion. Comparable sales at Walmart US increased 0.5%. Walmart US comp traffic slipped 0.7%, while average ticket rose 1.2%. Comp sales for the Neighborhood Market format rose around 5.5%, while e-commerce sales globally climbed about 21% on a constant currency basis. Membership and other income rose 13.9%. Wal-Mart paid $1.5 billion in dividends and repurchased around 1.1 million shares for $82 million in the quarter. For the fourth quarter, Wal-Mart expects profit of $1.46 to $1.56 per share. The company expects full-year profit of $4.92 to $5.02 per share, versus its previous forecast of $4.90 to $5.15 per share. Analysts projected Q4 earnings of $1.57 per share and full-year earnings of $4.99 per share. Doug McMillon, Wal-Mart Stores, Inc. president and CEO said, "We're investing in key areas of our business, including wages in our U.S. stores and in e-commerce and mobile capabilities. We continue to see opportunities to improve our business." Wal-Mart shares rose 2.13% to $80.89 in pre-market trading.