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.