SEATTLE – SEATTLE (AP) _ Starbucks Corp. (SBUX) on Thursday reported fiscal third-quarter net income of $754.1 million.
The Seattle-based company said it had net income of 51 cents per share. Earnings, adjusted for non-recurring gains, came to 49 cents per share.
The results met Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was also for earnings of 49 cents per share.
The coffee chain posted revenue of $5.24 billion in the period, missing Street forecasts. Eight analysts surveyed by Zacks expected $5.35 billion.
For the current quarter ending in September, Starbucks expects its per-share earnings to range from 54 cents to 55 cents.
The company expects full-year earnings in the range of $1.88 to $1.89 per share.
Starbucks shares have declined 4 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased roughly 6 per cent. In the final minutes of trading on Thursday, shares hit $57.60, a climb of 2.5 per cent in the last 12 months.
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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 http://www.zacks.com/ap/SBUX
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Keywords: Starbucks, Earnings Report, Priority Earnings
