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Jewelry maker Tiffany & Co. ( TIF ) on Thursday posted disappointing third quarter earnings results and cut its full-year outlook significantly, sending its shares plunging in premarket trading.

The New York-based company reported third quarter net income of $63.2 million, or 49 cents per share, compared with $89.7 million, or 70 cents per share, in the year-ago period.

Revenue rose 3.8% from last year to $853 million.

On average, Wall Street analysts expected a much higher profit of 63 cents per share, on larger revenue of $859 million.

Looking ahead, TIF lowered its full-year earnings outlook to a range of $3.20 to $3.40 per share, down significantly from a prior forecast of $3.55 to $3.70. It also expects lower sales growth of 5% to 6%, compared with 6% to 7% previously.

Tiffany shares fell $4.68, or -7.3%, in premarket trading Thursday.

The Bottom Line
Shares of Tiffany & Co. ( TIF ) have a 2.01% dividend yield, based on last night's closing stock price of $63.73. The stock has technical support in the $55-$57 price area. If the shares can firm up, we see overhead resistance around the $65-$66 price levels.

Tiffany & Co. ( TIF ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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