Tiffany & Co. (NYSE:TIF) stock jumped on Thursday following better profits than were expected in its earnings report for the second quarter of 2016.
Tiffany & Co reported earnings per share of 84 cents for the second quarter of the year. This is up from the 81 cents that it reported during the same time last year. It was also 12 cents above the 72 cents per share that Wall Street was expecting from the company this quarter.
Net earnings reported by Tiffany & Co in the second quarter of 2016 were $106 million. Net earnings reported by the company in the second quarter of 2015 were $105 million. This means net earnings increased by roughly 1% from the same time last year.
TIF also reported net revenue of $931.6 million during the second quarter of the year. This is down from the $990.5 million in net revenue that it reported during the second quarter of 2015. It also failed to meet the $934.74 million of net revenue that analysts were looking for in the second quarter of 2016.
Tiffany & Co said that it expects revenue for the full year of 2016 to be down in the low single-digit percentage from the year prior. It also said it expects earnings per share to be down mid-single-digit percentage from 2015’s earnings.
Tiffany & Co reported revenue of $4.1 billion for the full year of 2015. It’s earnings per share for that year was $3.83. Wall Street is currently expecting the company to report revenue of $4.02 billion and earnings per share of $3.63 for the full year of 2016.
TIF stock was up 6% as of Noon Thursday.
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