PVH Corp. PVH reported 2014 third quarter results and updated 2014 guidance on Wednesday. Revenue was $2.23 billion, below estimates of $2.26 billion and a 2 percent increase over the prior year’s third quarter amount excluding $67 million of revenue related to the Bass business (which was sold on the first day of the fourth quarter of 2013).
Earnings per share on a non-GAAP basis was $2.56, above estimates of $2.48 and an 11 percent increase as compared to $2.30 in the prior year’s third quarter.
GAAP earnings per share was $2.71, a 14 percent increase as compared to $2.37 in the prior year’s third quarter.
Commenting on these results, Emanuel Chirico, Chairman and Chief Executive Officer, noted, “Despite the anticipated difficult macroeconomic environment, we are very pleased with our third quarter performance, driven by the strength of our Tommy Hilfiger business and an improvement in our Calvin Klein business. During the quarter, we saw our global strategic initiatives in our Calvin Klein jeans business begin to take hold, with improved performance in our newly installed shop environments and store refits. Additionally, our acquisition integration efforts remain on track, with the last phase to be completed during 2015.”
Earnings per share on a non-GAAP basis for the fourth quarter is currently projected to be in a range of $1.71 to $1.76, below estimates of $1.91. Revenue in the fourth quarter is currently expected to be approximately $2.1 billion, somewhat below estimates of $2.18 billion.
PVH traded at $123.50, in the after-hours session, down 0.72 percent.
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