Best Buy (NYSE:BBY) Surges Ahead of the Open on Strong FQ4 Beat, FY2011 Guidance Above Estimates

Shares of Best Buy (NYSE:BBY) are trading 8% higher to $44.88 premarket Thursday after the company reported fiscal Q4 EPS of $1.82, beating consensus estimates of $1.79.

Revenues for the quarter rose 12.4% year-over-year to $16.5 billion, surpassing consensus estimates of $16.1 billion.

For fiscal 2011, the company expects EPS in the range of $3.45 to $3.60 on revenues of $52.0 billion to $53.0 billion, versus consensus estimates for EPS of $3.37 on revenues of $52.1 billion.

"In a year of ever-changing variables, the one constant, as always, was the value our people provide. They are the differentiating factor for Best Buy, and I want to thank them for another outstanding year," said Brian Dunn, CEO of Best Buy. "We believe the next stage of our growth will be fueled by our employees helping customers connect to the things and people they care most about, and our investments around the world flow directly from that point of view."