Tiffany Trades Up 2% on Q4 Results
High-end jeweler Tiffany & Co. (NYSE: TIF) released its fiscal fourth-quarter earning results on Friday prior to the opening bell.
The company reported earnings that were above analysts' consensus estimates but sales that were slightly below expectations. The company also offered guidance for Q1 and the fiscal year.
In the final hour of Friday's trading session, the stock was up around two percent to $69.35. The 52-week high in the name is above at $72.89. Year-to-date, the stock has already climbed 21 percent amid a strong market rally.
For the fourth-quarter, Tiffany reported net income of $179.64 million or $1.40 per share, versus $178.4 million or $1.39 per share, in last year's corresponding period. This came in ahead of Wall Street EPS estimates of $1.36.
Net sales in the period were up four percent to $1.24 billion. This barely missed consensus revenue estimates of $1.25 billion.
Sales in the Americas region were up two percent while Asia-Pacific sales jumped 13 percent. Sales in Japan fell six percent and European sales rose a modest 3 percent in the quarter.
Looking ahead to Q1, Tiffany guided for a 15 to 20 percent drop in net earnings on the back of higher expenses. For the fiscal year, the company said that it expects adjusted EPS of $3.43 to $3.53. This compares to current analysts' consensus EPS estimates of $3.50.
Tiffany remains a leading global brand stock and one of the best bets on luxury consumption amid a recovering economy. The shares have done very well since the financial crisis, but have been largely stagnant over the last couple of years.
Nevertheless, Tiffany & Co. is currently riding a strong uptrend and may be a solid bet for 2013.
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