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Starbucks earnings, revenue beat Street estimates

Starbucks reported quarterly earnings and revenue that beat analysts' expectations on Thursday, but shares wavered in after-hours trading.

The Seattle-based coffee company posted fiscal third-quarter earnings of 67 cents per share on $4.15 billion in revenue.

Wall Street analysts had expected Starbucks to deliver earnings of 66 cents a share on $4.14 billion in revenue, according to a consensus estimate from Thomson Reuters.

Shares dropped after the earnings announcement before turning higher.

Global comparable-store sales grew 6 percent, driven by a 4 percent increase in the average ticket. Comp-store sales were expected to rise 5.1 percent, according to a Consensus Metrix poll.

Looking ahead, Starbucks said it expects earnings for the fiscal fourth-quarter to come in between 76 cents and 78 cents per share, or 73 cents and 75 cents per share, excluding items. That's in line with analysts' fourth-quarter forecast 74 cents per share, excluding items.

Earlier this month, the coffee chain said it planned to raise prices on some drinks offered by its U.S. shops, while boosting list prices on its own brand of packaged coffee sold in supermarkets and other retail shops. The coffee chain characterized the drink price increases as limited, saying they would affect fewer than 20 percent of customers. The price hike was the first in almost four years.

—By CNBC.com

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