Target Corp. Q3 Profit Decreases, But Beats Estimates

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(RTTNews) - Target Corp. (TGT) reported earnings for third quarter that Decreased from last year but beat the Street estimates.

The company's bottom line came in at $689 million, or $1.51 per share. This compares with $854 million, or $1.85 per share, last year.

Excluding items, Target Corp. reported adjusted earnings of $1.78 per share for the period.

Analysts on average had expected the company to earn $1.71 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period fell 1.6% to $25.270 billion from $25.668 billion last year.

Target Corp. earnings at a glance (GAAP) :

-Earnings: $689 Mln. vs. $854 Mln. last year. -EPS: $1.51 vs. $1.85 last year. -Revenue: $25.270 Bln vs. $25.668 Bln last year.

Looking ahead, for the full year, Target Corporation has revised its adjusted annual earnings outlook in line with analysts’ projections.

The company now expects net income of $7.70 to $8.70 per share, less than the earlier outlook of $8 to $10 per share.

Excluding items, earnings are now projected to be in the range of $7 to $8 per share, compared with the prior guidance of $7 to $9 per share.

Analysts, on average, forecast Target Corporation to post earnings of $7.27 per share for the year.

TGT was down by 3.02% at $85.86 in the pre-market trade on the New York Stock Exchange.