Dicks Sporting Goods Boosts Forecast as Q3 Earnings Beat View (DKS)
Sporting goods retailer Dick’s Sporting Goods Inc. (DKS) on Tuesday posted third quarter earnings that beat expectations and lifted its full-year outlook.
The Coraopolis, PA-based company reported third quarter net income of $50.1 million, or 40 cents per share, compared with $41.5 million, or 33 cents per share, in the year-ago period.
Revenue rose 11% from last year to $1.31 billion.
On average, Wall Street analysts expected a smaller profit of 37 cents per share, on slightly lower revenue of $1.3 billion.
Looking ahead, Dick’s raised its full-year 2012 earnings outlook to a range of $2.53 to $2.55 per share, up from a prior estimate of $2.47 to $2.51. Analysts are looking for $2.54 per share for the year.
Dicks Sporting Goods shares rose $2.30, or +4.7%, in premarket trading Tuesday.
The Bottom Line
Shares of Dicks Sporting Goods (DKS) have a 1.03% dividend yield, based on last night’s closing stock price of $48.70. The stock has technical support in the $45-$46 price area. The stock is trading near the all-time high range of $52-$54 a share.
Dick’s Sporting Goods Inc. (DKS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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