NEW YORK (TheStreet) -- Whole Foods Market (WFM) shares are up 8% to $43.19 in after-hours trading on Wednesday after the organic grocer reported its third quarter earnings results after the closing bell today.
The company reported a 5.8% increase in net income to $128 million, or 35 cents per diluted share on an adjusted bassi, which is 3 cents better than the 32 cents per diluted share analysts were expecting.
Watch the video below for more on Whole Foods' latest quarterly results:Revenue for the period was up 9.4% to $3.26 billion, in line with analysts' estimates for the period, while sales at stores that have been open for at least 53 weeks were also up 3.1% over the same quarter last year.
TheStreet Ratings team rates WHOLE FOODS MARKET INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHOLE FOODS MARKET INC (WFM) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."