Wal-Mart Q2 Earnings Beat Consensus But Revenue Misses, Raises Earnings Guidance

Wal-Mart Stores Inc WMT reported better-than-expected Q2 earnings. However, the company’s revenue fell short of estimates. The company has also raised its earnings guidance for the full year. WMT’s Q2 net income rose 3.6% to $3.59 billion, or $0.97 per share, from $3.47 billion, or $0.89 per share, in the year-ago period. The company’s revenue increased about 3% y/y to $103.7 billion. The analysts expected the company to earn $0.96 per share on revenue of $105.63 billion. WMT’s revenue at stores opened at least a year dropped 1.4%. WMT has raised its EPS projections for the full year to a range of $3.95 to $4.05, from its earlier range of $3.90 to $4.00. Mike Duke, Wal-Mart’s president and chief executive officer, says, “We continue to focus on our priorities of growth, leverage and returns. Despite the ongoing challenges of the global economy, we continue to grow our earnings and are reporting $0.97 per share today.” He added, “We are raising our full year guidance to a range of $3.95 to $4.05. Our teams leveraged operating expenses for the third consecutive quarter, through their commitment to the productivity loop.” WMT’s shares gained 0.02% to close at $50.41 yesterday. Read more from Benzinga's Company news.