Movado Group, Inc (NYSE:MOV) stock was on the rise Thursday following the release of its earnings report for its fiscal fourth quarter of 2018.
Movado Group, Inc reported that earnings per share for its fiscal fourth quarter of the year came in at 52 cents. This is up from its earnings per share of 22 cents from the same period of the year prior. It was also good news for MOV stock by beating out Wall Street’s earnings per share estimate of 26 cents for the quarter.
During the fiscal fourth quarter of 2018, Movado Group, Inc reported a net loss of $33.91 million. This is a major drop from its net income of $5.23 million from the fiscal fourth quarter of 2017. However, MOV notes that it suffered a charge of $45.00 million during the quarter due to the recent U.S. tax reform.
Movado Group, Inc’s operating income for its fiscal fourth quarter of the year was $13.35 million. This is an increase over its operating income of $7.44 million that was reported during the same time last year.
Revenue of $149.21 million for its fiscal fourth quarter of 2018 was also a boon to MOV stock today. Movado Group, Inc’s revenue from the same quarter of the previous year was $130.79 million. Analysts’ were estimating revenue of $132.50 million for the period.
Movado Group, Inc also provided its outlook for fiscal 2019 in its most recent earnings report. The Swiss watchmaker says that it expects earnings per share for the year to range from $2.15 to $2.25 with revenue coming in between $605.0 million and $615.0 million. Wall Street is looking for earnings per share of $1.95 on revenue of $570.97 million for the fiscal full year of 2019.
MOV stock was up 16% as of noon Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.