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Wal-Mart beats 3Q profit forecasts

BENTONVILLE, Ark. (AP) _ Wal-Mart Stores Inc. (WMT) on Thursday reported fiscal third-quarter net income of $3.03 billion.

On a per-share basis, the Bentonville, Arkansas-based company said it had net income of 98 cents.

The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.

The world’s largest retailer posted revenue of $118.18 billion in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $118.53 billion.

Wal-Mart expects full-year earnings in the range of $4.20 to $4.35 per share.

Wal-Mart shares have climbed 16 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen 6.5 per cent. The stock has increased 23 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 WMT at https://www.zacks.com/ap/WMT

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