Tiffany & Co. (NYSE:TIF) stock was flying high on Wednesday following the release of a strong earnings report for the first quarter of 2018.
During the first quarter of the year, Tiffany & Co. reported earnings per share of $1.14. This is an increase over the company’s earnings per share of 74 cents from the same time last year. It was also a boon to TIF stock by coming in above Wall Street’s earnings per share estimate of 83 cents for the quarter.
Tiffany & Co.’s net income reported in the first quarter of 2018 came in at $142.30 million. This is better off than its net income of $92.9 million that was reported in the first quarter of 2017.
Operating income reported by Tiffany & Co. for the first quarter of the year was $204.30 million. The retailer of luxury jewelry and specialty items reported operating income of $149.60 million in the same period of the year prior.
Tiffany & Co. also reported revenue of $1.03 billion for the first quarter of 2018. This is an improvement over its revenue of $899.60 million that was reported in the first quarter of the previous year. It was also good news for TIF stock by beating out analysts’ revenue estimate of $958.17 million for the period.
Tiffany & Co. also provided its 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 $4.50 to $4.70. This is well above Wall Street’s earnings per share estimate of $4.40 for the full year.
TIF stock was up 19% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.