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Tiffany’s Q2 Profit Surges, Beating View; Forecast Raised (TIF)

Jewelry retailer Tiffany & Co. ( TIF ) on Friday posted better-than-expected second quarter earnings results and boosted its full-year outlook, sending it shares soaring in premarket trading.

The New York-based company reported second quarter net income of $90 million, or 69 cents per share, compared with $67.7 million, or 53 cents per share, in the year-ago period. Excluding items, adjusted profit was 86 cents per share.

Revenue rose 30% from last year to $872.7 million.

On average, Wall Street analysts expected a much smaller profit of 70 cents per share, on lower revenue of $785.35 million.

Looking ahead, the company raised its full-year earnings forecast to a range of $3.65 to $3.75 per share, up from a prior outlook of $3.45 to $3.65. Analysts currently expect $3.56 per share for the year.

Tiffany shares rose $4.15, or +6.6%, in premarket trading Friday.

The Bottom Line

Shares of Tiffany & Co. ( TIF ) have a 1.84% dividend yield, based on last night's closing stock price of $63.11. The stock has technical support in the $57-$60 price area. If the shares can firm up, we see overhead resistance around the $65-$70 price levels.

Tiffany & Co. ( TIF ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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