RadioShack 3Q Profit Up 27 Percent
FORT WORTH, Texas (AP) _ RadioShack Corp.’s third-quarter profit jumped 27 percent amid strong sales of wireless communications products.
The consumer-electronics retailer Tuesday reported net income of $57.1 million, or 34 cents a share, up from $44.9 million, or 25 cents a share, a year earlier.
The latest results topped both company and analyst estimates. Last month Fort Worth-based RadioShack boosted its third-quarter forecast to 30 to 33 cents a share, from its July outlook of 27 to 29 cents a share.
Sales and operating revenue edged up 1.6 percent to $1.06 billion from $1.05 billion, boosted by a 12 percent jump in wireless communications sales. Sales in stores open at least a year _ also known as same-store sales, rose 3 percent.
Chairman and Chief Executive Leonard Roberts credited ``vendor initiatives, buying disciplines and field execution″ with driving results higher.
RadioShack said it anticipates fourth-quarter earnings of between 67 and 70 cents a share. Analysts surveyed by Thomson First Call are looking for earnings of 69 cents a share.
In morning trading, shares of RadioShack dipped 92 cents, or 3 percent, to $29.64 on the New York Stock Exchange.