Famous retailer Macy's, Inc. ( M ) on Wednesday posted better-than-expected second quarter earnings and lifted its full-year outlook, sending its shares higher in premarket trading.
The Cincinnati-based company reported second quarter net income of $241 million, or 55 cents per share, compared with $147 million, or 35 cents per share, in the year-ago period.
Revenue rose more than 7% from last year to $5.94 billion.
On average, Wall Street analysts expected a smaller profit of 48 cents per share on lower revenue of $5.84 billion.
Looking ahead, the company raised its full-year earnings outlook to $2.60 to $2.65 per share, up from prior guidance for $2.40 to $2.45. Analysts are currently looking for $2.58 per share for the year.
Macy's shares rose 81 cents, or +3.2%, in premarket trading Wednesday.
The Bottom Line
Shares of Macy's ( M ) have a 1.57% dividend yield, based on last night's closing stock price of $25.44. The stock has technical support in the $22-$24 price area. If the shares can firm up, we see overhead resistance around the $26-$28 price levels.
Macy's, Inc. ( M ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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