Wall Street was mildly bullish on the company ahead of the report. Of the nine analysts covering the stock, five were at either strong buy (3) or buy (2) with the remainder at hold. The median 12-month price target sits at $18, implying upside of more than 33% from closing levels.
Bed Bath & Beyond
Shares of Union, N.J.-based
Bed Bath & Beyond
(BBBY - Get Report)
surged after the closing bell as the specialty retailer's latest results came in much better than anticipated.
The company reported fiscal fourth-quarter earnings of $283.4 million, or $1.12 a share, for the three months ended in February on revenue of $2.51 billion, well ahead of the average estimate of analysts polled by
for a profit of 97 cents a share on sales of $2.39 billion. Same-store sales jumped 8.5% in the latest quarter.
Bed Bath & Beyond, which operates more than 1,100 stores, offered up a bullish outlook for the full year as well. The company said it sees earnings of 58 to 61 cents a share for its current fiscal first quarter and earnings growth of 10% to 15% for the full year.
That projection implies an outlook for a profit of $3.38 to $3.53 a share for the year. Wall Street's current consensus estimates are for earnings of 60 cents a share in the first quarter and $3.33 a share for the year.
The stock was up 9.3% to $53.98 in late trades with more than 1.17 million shares changing hands. Prior to the after-hours spike higher the shares were flat since the start of 2011. Wednesday's close at $49.39 was 3% below the stock's 52-week high of $50.95 reached on Feb. 22.
was a big mover to the downside after the close after the Camarillo, Calif.-based developer of power conversion equipment
lowered its revenue outlook
, citing "market conditions and near-term feed-in-tariff uncertainty in Italy and Germany."
The company now sees revenue of $240 million to $245 million for its fiscal first quarter ended April 3, down from a prior projection for revenue of $260 million to $290 million. Wall Street is looking for a profit of 26 cents a share from Power-One in the first quarter on revenue of $275.5 million.
"Based on current developments, we still anticipate European countries such as Italy and Germany will continue to support solar adoption to reduce reliance on non-renewable sources of power," said Richard Thompson, the company's CEO, in a statement. "Further, for the remainder of 2011 and 2012, we believe we are better positioned to handle similar regional anomalies due to our expanded product line and focus on developing new markets, including the United States, China and India."