SEATTLE – SEATTLE (AP) _ Starbucks Corp. (SBUX) on Thursday reported fiscal fourth-quarter earnings of $801 million.
The Seattle-based company said it had net income of 54 cents per share. Earnings, adjusted for non-recurring costs, came to 56 cents per share.
The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The coffee chain posted revenue of $5.71 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $5.68 billion.
Starbucks shares have dropped 14 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2 per cent. In the final minutes of trading on Thursday, shares hit $51.77, a drop of 18 per cent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SBUX at https://www.zacks.com/ap/SBUX
Keywords: Starbucks, Earnings Report, Priority Earnings