Michaels Companies Inc (NASDAQ:MIK) stock was hit hard on Thursday despite reporting an earnings beat for its fiscal first quarter of 2018.
During its fiscal first quarter of the year, Michaels Companies Inc reported earnings per share of 39 cents. This is up just barely from its earnings per share of 38 cents reported in the same period of the year prior. It also came in above Wall Street’s earnings per share estimate of 38 cents for the quarter.
Net income reported by Michaels Companies Inc for its fiscal first quarter of 2018 was $26.89 million. This is down from the retail company’s net income of $72.21 million that was reported in its fiscal first quarter of 2017.
Michaels Companies Inc’s operating income for its fiscal first quarter of the year was $78.94 million. The company’s operating income from the same time last year came in at $139.26 million.
Michaels Companies Inc also reported revenue of $1.16 billion for the fiscal first quarter of 2018. This matches the company’s revenue of $1.16 billion from the fiscal first quarter of the previous year. It also beat out Wall Street’s revenue estimate of $1.15 billion for the quarter, but wasn’t enough to save MIK stock today.
Michaels Companies Inc’s outlook for its fiscal second quarter of the year may be what is keeping MIK stock down today. The company says that it is expecting earnings per share for the quarter to range from 12 cents and 14 cents. This would have it coming in below Wall Street’s earnings per share estimate of 19 cents for the period.
MIK stock was down 17% as of noon Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.