Signet Jewelers Ltd SIG is trading significantly higher Thursday morning after the company announced better-than-expected financial results.
What Happened: Signet Jewelers reported first-quarter earnings of $2.23 per share, which beat the estimate of $1.27 per share. The company reported quarterly revenue of $1.69 billion, which beat the estimate of $1.62 billion.
Signet jewelers reinstated its dividend program on the common shares and declared a quarterly cash dividend of 18 cents per share.
Related Link: Signet Jewelers' First Quarter Results Exceed Expectations
The company raised its full-year revenue guidance from a range of $6 billion to $6.14 billion to a range of $6.5 billion to $6.65 billion.
"Our strong first quarter results demonstrate the momentum we are building as we continue Signet's transformation," said Virginia Drosos, CEO of Signet Jewelers.
Price Action: Signet Jewelers reached a new 52-week high today. At last check Thursday, the stock was up 12.9% at $68.91.
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