Jewelry maker Tiffany & Co. (
) 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
The Bottom Line
Shares of Tiffany & Co. (
) 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. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.3 out of 5 stars.
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, as well as a detailed explanation of
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