J C Penney Company Inc (NYSE:JCP) stock was hit hard today following the release of its earnings report for the first quarter of the year.
The big news hurting JCP stock today is a cut to the retailer’s guidance for the full year of 2018. The company updated its earnings per share estimate for the year to between losses of 7 cents per share and earnings of 13 cents per share. This doesn’t bode well for J C Penney Company Inc with Wall Street looking for earnings per share of 19 cents for the year.
Another bit of bad news for JCP stock comes from its revenue of $2.67 billion for the quarter. While this does beat out analysts’ revenue estimate of $2.63 billion, it is down from the $2.78 billion reported in the same time last year.
Unfortunately for JCP stock, its earnings per share for the first quarter of 2018 wasn’t a beacon of hope either. JCP reported losses per share of 22 cents during the quarter. This is down from its earnings per share of one penny from the first quarter of 2017. It also just missed Wall Street’s earnings per share estimate of 20 cents for the period.
Net loss reported by J C Penney Company Inc for the first quarter of the year came in at $78 million. This is an improvement over the net loss of $187 million that was reported in the same period of the year prior.
J C Penney Company Inc reported operating income of $3 million for the first quarter of 2018. This is also better than the company’s operating loss of $6 million that was reported in the first quarter of the previous year.
JCP stock was down 11% as of noon Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.