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Starbucks meets 2Q profit forecasts

SEATTLE – SEATTLE (AP) _ Starbucks Corp. (SBUX) on Thursday reported fiscal second-quarter earnings of $575.1 million.

The Seattle-based company said it had net income of 39 cents per share.

The results met Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was also for earnings of 39 cents per share.

The coffee chain posted revenue of $4.99 billion in the period, which fell short of Street forecasts. Ten analysts surveyed by Zacks expected $5.02 billion.

For the current quarter ending in July, Starbucks expects its per-share earnings to range from 48 cents to 49 cents.

The company expects full-year earnings in the range of $1.88 to $1.89 per share.

Starbucks shares have risen 1 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 2 per cent. In the final minutes of trading on Thursday, shares hit $60.64, a climb of 25 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SBUX at http://www.zacks.com/ap/SBUX

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Keywords: Starbucks, Earnings Report, Priority Earnings