Jewelry retailer Tiffany & Co. ( TIF ) on Wednesday said its third quarter profit surged 27% on higher sales, prompting the company to raise its full-year earnings guidance.
The New York-based company reported third quarter net income of $55.1 million, or 43 cents per share, compared with $43.3 million, or 35 cents per share, in the year-ago period. Excluding one-time charges, adjusted profit was 46 cents per share.
Sales jumped 14% from last year to $681.7 million
On average, Wall Street analysts expected a smaller profit of 37 cents per share, on lower sales of $650.3 million.
Looking ahead, the company raised its full-year forecast to a range of $2.72 to $2.77 per share, compared with prior guidance of $2.60 to $2.65. Analysts currently expect $2.63 per share for the year.
Tiffany shares rose $1.92, or +3.3%, in premarket trading Wednesday.
The Bottom Line
Shares of Tiffany & Co. ( TIF ) have a 1.72% dividend yield, based on last night's closing stock price of $58.27. The stock has technical support in the $50-$52 price area. The stock is trading at all-time highs and have little overhead resistance.
Tiffany & Co. ( TIF ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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