Department store operator J.C. Penney Company, Inc. ( JCP ) on Friday said its second quarter profit was flat from last year, but adjusted results beat analyst expectations.
The Plano, TX-based company reported second quarter net income of $14 million, or 7 cents per share, equaling its results from the same period last year. Excluding one-time items, adjusted profit was 13 cents per share.
Total sales edged slightly lower from last year to $3.906 billion.
On average, Wall Street analysts expected a smaller profit of 6 cents per share, on slightly higher revenue of $3.91 billion.
J.C. Penney shares rose 77 cents, or +2.9%, in premarket trading Friday.
The Bottom Line
Shares of J.C. Penney ( JCP ) have a 2.98% dividend yield, based on last night's closing stock price of $26.83. The stock has technical support in the $21-$25 price area. If the shares can firm up, we see overhead resistance around the $30-$32 price levels.
J.C. Penney Company, Inc. ( JCP ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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