L Brands Inc (NYSE:LB) stock jumped on Thursday following the release of the company’s earnings report for the second quarter of 2016.
L Brands earnings report for the second quarter of 2016 included earnings per share of 70 cents. This is an increase over the 68 cents per share reported during the same time last year. It also beat out the 59 cents per share that analysts were expecting for the quarter.
L Brands’ revenue for the second quarter of the year came in at $2.89 billion. This is up 5% from the $2.76 billion that the company reported during the second quarter of 2016. It also surpassed the $2.86 billion that Wall Street was expecting.
Operating income for the second quarter of 2016 was $408.2 million. This is a 1% increase from the $402.9 million reported in the second quarter of 2016. Net income for the quarter was $252.4, which is up from the $202.5 million reported in the same time last year.
LB also reported a pre-tax gain of $108.3 million connected to cash distribution from Easton Town Center. It also reported a pre-tax charge of $35.8 million for the early extinguishment of its July 2017 notes.
L Brands has updated its outlook for 2016. The company is expecting earnings per share to be between 40 cents and 45 cents for the third quarter of the year. It raised its earnings per share guidance for the full year from between $3.60 and $3.80 to a range of $3.70 to $3.85.
Wall Street is currently expecting L Brands to report earnings per share of 47 cents for the third quarter of 2016. Analysts are looking for earnings per share of $3.74 for the full year of 2016.
LB stock was up 5% as of Noon Thursday.
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