RadioShack Beat Not Enough for Street
NEW YORK (
) --
RadioShack
(RSH)
reported a 26% jump in fourth-quarter profit, boosted by the introduction of new wireless services and electronics.
During the quarter, the company earned $75.7 million, or 60 cents a share, compared with $60.1 million, or 48 cents, in the year-ago period. Analysts expected RadioShack to earn 59 cents a share.
Sales increased 5% to $1.32 billion from $1.26 billion last year, in-line with Wall Street's forecast. Same-store sales advanced 6.1%.
Still, analysts were hoping RadioShack's sales would have some upside surprise, and as a result sent shares tumbling 4.3% to $19.80 in after-market trading.
"In 2009, we leveraged our financial and operational strength to re-launch our brand, focusing more clearly on our leadership in the areas of mobility and innovative technology," CEO Julian Day said in a statement. "Moreover, the additions of a third national wireless carrier,
T-Mobile
, and the
Apple
(AAPL) - Get Free Report
iPhone, further strengthen our platform for the future."
-- Reported by Jeanine Poggi in New York.
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