Department store chain operator Target Corporation (TGT) on Wednesday posted better-than-expected second quarter earnings results and offered an optimistic full-year outlook.
The Minneapolis-based company reported second quarter net income of $704 million, or $1.06 per share, compared with $704 million, or $1.03 per share, in the year-ago period. Excluding special items, adjusted profit was $1.12 per share.
Revenue rose 5.5% from last year to $16.78 billion.
On average, Wall Street analysts expected a smaller profit of $1.01 per share, on lower revenue of $16.45 billion.
Looking ahead, TGT forecast full-year 2012 earnings to range from $4.65 to $4.85 per share, which would easily beat analysts’ estimate of $4.30 per share for the year.
Target shares rose 78 cents, or +1.2%, in premarket trading Wednesday.
The Bottom Line
Shares of Target (TGT) have a 2.27% dividend yield, based on last night’s closing stock price of $63.38. The stock has technical support in the $57-$58 price area. The shares are trading near all-time highs.
Target Corporation (TGT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.