Stock Alert: Big Lots Stock Up 15% In Premarket On Stellar Q1 Results, Strong Q2 Outlook
Shares of Big Lots Inc. (BIG) are rising over 15% in pre-market today, after the company reported stellar Q1 results and issued strong Q2 earnings outlook. The stock has been trading in the range of $10.13 – $40.10 for the past one year, and closed Thursday’s trade at $36.59, down $2.43 or 6.23%. BIG is currently trading at $42.11, up $5.52 or 15.09% in the pre-market session.
The company’s Q1 net income was $49.3 million or $1.26 per share compared to $15.5 million or $0.39 per share last year.
Analysts polled by Thomson Reuters expected earnings of $0.32 per share and revenue of $1.31 billion for the quarter. Analysts’ estimate typically exclude certain special items.
Revenue for the quarter rose 10.8% to $1.44 billion from $1.30 billion generated a year ago.
The company ended the first quarter with $312 million of cash and cash equivalents and $437 million of long-term debt.
On May 28, 2020, the Board declared a quarterly cash dividend of $0.30 per common share. This dividend will be payable on June 26, 2020, to shareholders of record as of the close of business on June 12, 2020.
The company projects second-quarter earnings per share to be in the range of $0.65 – $0.80. The outlook incorporates anticipated pre-tax expenses related to COVID-19 of about $18 million. The company noted that, for the second quarter to date, comparable sales are up strongly, reflecting a continuation of the acceleration in business that began in mid-April. The company expects comp trends to moderate over the balance of the quarter.
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