Fossil Surges 13% on Q4 Results

Shares of Fossil Inc.

are having an incredible day after the company released its fiscal Q4 earnings prior to the opening bell. The stock actually gapped lower on the open, but at last check was trading up around 14% to $119.03 as the name has seen heavy and sustained buying pressure throughout Tuesday's trading session. Volume is extremely heavy with more than 7.4 million FOSL shares already trading hands on the day versus a 3 month daily average of a little over 1 million shares. The retailer reported fourth quarter net income attributable to the company of $117.91 million or $1.87 per share, compared to $96.66 million or $1.46 per share, in the year ago period. This easily beat Wall Street consensus EPS estimates of $1.77. Net sales for the quarter came in at $830.76 million versus $701.08 million in last year's Q4. This came in below Street consensus revenue estimates of $841.12 million. Looking ahead, FOSL sees Q1 EPS in a range between $0.90 and $0.92. Wall Street is currently projecting that FOSL will report EPS of $0.98 for the first quarter. For fiscal 2012, the company guided EPS in a range between $5.40 and $5.50, which compares to current EPS consensus of $5.44 for fiscal 2012.