Starbucks Corporation (SBUX) posted first quarter results that beat expectations today, but gave a disappointing forecast for its the rest of its fiscal year, sending shares lower in extended trading.
The coffee giant reported earnings of $0.45 per share on $3.0 billion in revenue, topping Wall Street’s estimates for both profit ($0.39 per share) and sales ($2.93 billion).
Starbucks is targeting earnings of $0.32 to $0.33 per share in both its second and third quarters, and a full-year profit of $1.43 to $1.47 per share. Analysts are currently projecting EPS figures above those ranges: $0.35 in the second quarter and $1.49 for the full year.
Shares of SBUX dropped to $32.00 (-3.24%) in after-hours trading, adding to the 1.72% loss the stock suffered during today’s regular session. Shares carry a 1.63% dividend yield at that level.
Starbucks initiated its quarterly dividend at $0.10 per share last April, followed by an increase to its current quarterly rate of $0.13 per share in August.