Macy’s Inc (NYSE:M) stock was on the rise Wednesday following the release of its earnings report for the first quarter of 2018.
Earnings per share reported by Macy’s Inc in the first quarter of the year came in at 48 cents. This is better than the earnings per share of 26 cents reported in the same time last year. It also was a boon to M stock by beating out Wall Street’s earnings per share estimate of 35 cents for the period.
Macy’s Inc notes that net income reported in the first quarter of 2018 was $139 million. This is up from the company’s net income of $78 million that was reported in the first quarter of 2017.
During the first quarter of the year, Macy’s Inc reported operating income of $238 million. The retail company’s net income from the same period of the year prior came in at $219 million.
Macy’s Inc’s revenue for the first quarter of 2018 was $5.54 billion. This is up 3.6% from its revenue of $5.35 billion that was reported in the first quarter of the previous year. It was also good news for M stock by coming in above analysts’ revenue estimate of $5.39 billion for the period.
Macy’s Inc also updated its outlook for the full year of 2018 in its most recent earnings report. The company says it is now expecting earnings per share of $3.75 to $3.95 for the year. This is a 20-cents increase over its previous outlook. Wall Street is looking for earnings per share of $3.61 for 2018.
When it comes to revenue for 2018, Macy’s Inc says it is expecting it to range from a 1% decline to a 0.5% increase from 2017 revenue. 2017 revenue was $24.84 billion. Analysts are estimating revenue of $24.73 billion for the year.
M stock was up 9% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
