Best Buy Co., Inc. (BBY), specialty retailer of consumer electronics, came out with fourth-quarter fiscal 2015 results, wherein earnings of $1.48 per share beat the Zacks Consensus Estimate of $1.36, and surged 23.3% from the prior-year quarter. Renew Blue transformation program and strength seen in categories like large screen televisions and mobile phones helped the company to post better-than-expected bottom-line results.

Including one-time items and discontinued operations, quarterly earnings came in at $1.46 per share compared with 83 cents in the year-ago quarter.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2015 has been unchanged in the last 30 days, while that of fiscal 2016 has increased in the same time frame. In the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 38.1%.

Revenues: Best Buy generated total revenue of $14,209 million that increased 1.3% year over year, but fell short of the Zacks Consensus Estimate of $14,413 million. Consolidated comparable-store sales jumped 2%.

Management now forecasts first and second quarters of fiscal 2016, revenue and comparable sales growth to range from flat to negative low-single digits.

Key Events: Best Buy, which concluded the sale of its Five Star business in China, declared a special one-time dividend of 51 cents a share and hiked its quarterly dividend by 21% to 23 cents a share. The company also announced the recommencement of share buyback program of $5 billion with plan to repurchase $1 billion shares over next 3 years.

Zacks Rank: Currently, Best Buy carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

Stock Movement: Best Buy's shares are up nearly 4.5% during pre-market trading hours following the earnings release. Clearly, a positive sentiment is palpable among investors following the company's better-than-expected results.