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UPDATE: Wal-Mart Shares Surge On Upbeat Q3 Earnings

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Shares of Wal-Mart Stores (NYSE: 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.

 

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