Jewelry retailer Tiffany & Co. ( TIF ) on Thursday posted a 26% gain in first quarter profit, beating analyst estimates, and boosted its full-year outlook.
The New York-based company reported first quarter net income of $81.1 million, or 63 cents per share, compared with $64.4 million, or 50 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 67 cents per share.
Sales rose 20% from last year to $761 million.
On average, Wall Street analysts expected a smaller profit of 57 cents per share, on much lower revenue of $702.6 million.
Looking ahead, the company raised its full-year earnings outlook to a range of $3.45 to $3.55 per share, up from a prior outlook of $3.35 to $3.45. Analysts currently expect $3.33 per share for the year.
Tiffany shares rose $3.06, or +4.4%, in premarket trading Thursday.
The Bottom Line
Shares of Tiffany & Co. ( TIF ) have a 1.66% dividend yield, based on last night's closing stock price of $70.04. The stock has technical support in the $65 price area. The shares are 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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