U.S. equities took a step back Wednesday due to uncertainty regarding how the Federal Reserve’s recent interest rate hike from 1.5% to 1.75% will affect the market and the wider economy. The S&P 500 Index fell a fraction of a percentage, the Dow Jones Industrial Average declined 0.3% and the Nasdaq Composite was down 0.9% by day’s end.
Here’s how they did:
Oxford Industries Inc (OXM)
Oxford Industries shares fell following the company’s latest quarterly earnings results, which saw revenue and earnings totals rise year-over-year.
The high-end apparel company posted fourth-quarter net sales of $293.2 million, a 12% increase from the $261 million from the year-ago quarter. GAAP earnings from continuing operations rose $1.41 per share for the quarter, topping the 72 cents per share it earned in the year-ago period.
Oxford Industries’ adjusted earnings from continuing operations rose to 93 cents per share in the fourth quarter of fiscal 2017, a 30-cent increase compared to the 63 cents per share from the year-ago quarter. These results excluded the positive impact of tax reform and the impact of LIFO accounting, among other items.
For the fiscal year, consolidated net sales gained 6% year-over-year to $1.09 billion, while GAAP earnings from continuing operations were $3.87 per share, 60 cents above the year-ago total. On an adjusted basis, Oxford Industries earned $3.66 per share, an 11% gain from the $3.30 per share in the year-ago period.
“Each of our brands delivered a strong fourth-quarter performance and we achieved very solid revenue and earnings growth for the full fiscal year,” said CEO Thomas C. Chubb III. “We grew revenue in all channels of distribution with particular strength in our e-commerce business, which represented 19% of our fiscal 2017 total revenue.”
OXM stock fell nearly 2% after the bell.
PVH Corp (PVH)
It was a good afternoon for PVH as the company’s earnings shattered expectations.
The American apparel company announced fourth-quarter earnings of $108.5 million, or $1.39 per share, rising from its fiscal 2016, fourth-quarter profit of $100.7 million, or $1.26 per share. Its bottom line improved thanks in part to strong sales of its Calvin Klein and Tommy Hilfiger brands.
On an adjusted basis, PVH posted adjusted earnings of $1.58 per share, a 35-cent increase compared to the $1.23 per share it earned in the year-ago quarter. The figure was better than the consensus estimate from 17 analysts polled by Thomson Reuters of $1.46 per share.
Revenue was also a strong point for the clothing retailer as sales gained 19% to reach $2.50 billion compared to the year-ago quarter, when it brought in $2.11 billion. Wall Street was calling for PVH to rake in $2.35 billion in revenue for its fourth quarter of fiscal 2017.
“We are very pleased with our fourth quarter and full year 2017 results, which exceeded our expectations,” said PVH CEO Emmanuel Chirico. “These results are ahead of our long-term targets, driven largely by strong momentum in our Tommy Hilfiger and Calvin Klein businesses.”
For its first quarter of fiscal 2018, the company is forecasting adjusted earnings of $2.20 to $2.25 per share, while revenue is slated to rise 15% year-over-year. For the fiscal year, adjusted earnings is projected to be in the range of $9 to $9.10 per share, while revenue should go up 7% year-over-year.
PVH stock surged 3.1% after hours Wednesday.
Progress Software Corporation (PRGS)
Progress Software had a quarter of growth that saw shares soar late in the day.
The company said its fiscal 2018, first-quarter bottom line reached $25.52 million, or 54 cents per share, topping its year-ago total of $16.85 million, or 34 cents per share. The figure was seven cents ahead of Wall Street’s guidance of 47 cents per share in adjusted earnings, according to data compiled by Thomson Reuters.
Progress Software also impressed on the revenue front, bringing in $94.19 million and beating the year-ago total of $91.20 million, a 3.3% surge. Analysts were calling for revenue of $92.57 million.
For its second quarter of fiscal 2018, the company sees its adjusted earnings as being in the range of 51 cents to 53 cents per share, which is in line with the Wall Street consensus estimate of 52 cents per share.
Progress Software also projects revenue of $93 million to $96 million, with the midpoint of the outlook almost in line with Wall Street’s prediction of $94.69 million in revenue. For the full year, the company is calling for adjusted earnings of $2.36 to $2.41 per share.
PRGS shares hiked up nearly 5% after the bell yesterday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.