PVH Corp Beats Q2 Profit Views; Stock Up 7%
PVH Corp (NYSE: PVH) rose sharply in the extended session after second-quarter earnings beat Street views and the company forecast earnings growth of more than 15 percent for the second half of 2014.
The New York-based apparel company swung to a second-quarter profit of $126.5 million, or $1.52 a share, from a year-earlier loss of $5.4 million or $0.70 a share. Revenue grew to $1.98 billion from $1.96 billion a year earlier.
Adjusted earnings were $1.51 a share versus Wall Street's expectation of $1.42 a share on revenue of $1.99 billion.
The company, whose brand portfolio includes Calvin Klein and Tommy Hilfiger, forecast adjusted third-quarter earnings of $2.45 to $2.50 a share, on revenue of $2.25 billion. Analysts expected earnings of $2.49 a share on revenue of $1.99 billion.
PVH said adjusted second half earnings will increase more than 15 percent, amounting to $7.30 to $7.40 a share on revenue of $8.4 billion for the full year. Wall Street expects $7.38 a share on revenue of $8.47 billion.
In the recent period, Calvin Klein revenue increased one percent to $675 million from $671 million in the prior year. Tommy Hilfiger revenue grew nine percent to $870 million from $799 million in the prior year period.
Heritage Brands revenue of $431 million was flat compared with a year ago.
In after-hours trading, PVH traded recently at $126.25 a share, up 7.7 percent.
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