Earnings, Revenue, Guidance Higher at RadioShack

Consumer electronics retailer RadioShack(RSH Quote) reported an upbeat second quarter Tuesday, posting higher earnings and revenue and raising its full-year earnings forecast.

Second-quarter profits rose 11% to $57.5 million, or 34 cents a share, compared with a year-earlier net of $51.8 million, or 28 cents a share. Earnings beat Wall Street estimates of 29 cents a share.

Total revenue rose 3% to $1.03 billion from $998 million, boosted mainly by sales of wireless communications products. Same-store sales increased 3%.

"Strong sales in the wireless and toy departments, combined with improvement in the computer and power-technical departments, made for very respectable financial results," said Chairman and Chief Executive Leonard Roberts.

RadioShack predicted full-year earnings of $1.63 a share, up from an April forecast of $1.60 a share. Analysts were expecting a profit of $1.56 a share this year. The company reaffirmed 2003 sales growth projections of 3.5% to 4% and third-quarter net earnings of 27 cents to 29 cents a share. Analysts were expecting 28 cents per share.

Shares of RadioShack were recently up 32 cents, or 1.3%, to $26.33.