J C Penney Company Inc Stock Sinks on Q4 Revenue Miss

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J C Penney Company Inc (NYSE:JCP) stock took a hit on Friday after reporting revenue in the fourth quarter of 2017 that was below estimates.

J C Penney Company Inc Stock Sinks on Q4 Revenue Miss

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J C Penney Company Inc reported revenue of $4.03 billion for the fourth quarter of the year. This is up 1.8 % from its revenue of $3.96 billion from the same time last year. However, it was still a blow to JCP stock by coming in below Wall Street’s revenue estimate of $4.05 billion for the period.

Despite the revenue miss for the fourth quarter of 2017, J C Penney Company Inc did post solid earnings per share of 57 cents. This beats Wall Street’s earnings per share estimate of 47 cents for the quarter, even if it is down from Q4 2016’s 64 cents.

During the fourth quarter of the year, J C Penney Company Inc reported net income of $254 million. This is an in increase over its net income of $192 million that was reported in the same period of the year prior. JCP notes that this is mostly due to a one-time tax benefit of $75 million from recent tax reform.

Operating income reported by J C Penney Company Inc in the fourth quarter of 2017 was $247 million. The retailer’s operating income from the fourth quarter of the previous year was $274 million.

J C Penney Company Inc also provides an outlook for the full year of 2018 in its most recent earnings report. It is expecting earnings per share for the year to range from 5 cents to 25 cents. Wall Street is looking for earnings per share of 20 cents for the year.

JCP stock was down 2% as of noon Friday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/03/j-c-penney-misses-q4-revenue/.

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